If the iShares iBoxx Dollar High Yield Corporate Bond ETF (N:HYG) led the equity markets into their bear phase, then we should be watching to see if it leads it out of the darkness into the light.
The last four session-thrust from 77.50 to 80.00 has cleared the first hurdle at 79.50 -- en route to a second challenge at 81.00-81.60, where HYG will either reverse into a forthcoming re-test of the Feb. low or remain "bid", confirming the establishment of a significant low.
