SJNK pushes through Monday's high
SPDR Bloomberg Barclays Short Term High Yield Bond (SJNK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
SJNK finished the month 0.36% higher at 25.20 after gaining $0.24 (0.96%) today. Closing above Monday's high at 25.18, SPDR Bloomberg confirmed its breakout through the prior session high after trading up to $0.06 above it intraday.
Daily Candlestick Chart (SJNK as at Jun 30, 2020):
Tuesday's trading range has been $0.16 (0.64%), that's slightly below the last trading month's daily average range of $0.19. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SJNK.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 25.42. The last time this happened on March 23rd, SJNK gained 2.91% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the lower Bollinger Band" stand out. Its common bullish interpretation has been confirmed for SPDR Bloomberg. Out of 72 times, SJNK closed higher 52.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after four trading days, showing a win rate of 59.72% with an average market move of -0.03%.