Corporate High Yield ETF (HYG) Drops to End Week at Daily and Weekly Support

Last week, as we stated in our 11/22/2014 post on HYG, this ETF appeared to be at the underside of a line (R1) that intermittently acted as either resistance or support back into 2009.

This week, HYG temporarily broke back above this line. But today HYG stumbled hard and fell to a price below R1 that is at or near long-term support lines (S1) on both daily and weekly charts, as shown below. 

Will S1 now hold?  

Click Chart to Enlarge

Click Chart to Enlarge

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The author/publisher has no position in corporate high yield bond funds at the time this article was written.