Not enough people are talking about it.

The high-yield bond ETFs $JNK and $HYG are both trading outside-inside on the monthly chart and consolidating at the precipice.

If we see a break of last month's outside bar to the downside, watch out. 👀

This means that the market is expecting more defaults or lower recoveries from junk bonds, which could be caused by factors such as higher interest rates, a worsening economy, lower earnings, or more volatility, and drive investors into safer risk assets. 📈📉