HYG is up 6.6% Off of its Multi-Year Feb 11 Low. Bottom or Oversold Recovery Rally?

If the iShares iBoxx Dollar High Yield Corporate Bd (HYG) led the equity markets into their bear phase, then we should be watching to see if it leads it out f the darkness into the light.

The last four session thrust from 77.50 to 80.00 has cleared the first hurdle at 79.50-- in route to a second challenge awaiting at 81.00-81.60, where HYG either will reverse into a forthcoming re-test of the Feb low, or remain "bid," confirming the establishment of a significant low.