The chart above shows a very clear double top pattern that has been underway for almost 18 months. Bull markets don't die easily, and this chart is a testament to that. After peaking last summer around 90, HYG fell almost 10% by December before rallying all the way back to 90 six months later. Rather than break out to new highs with the rest of the markets, it stalled for many months and then began to trade down bit by bit. Both the MACD and RSI are confirming price weakness further suggesting that the top is in.
In my opinion, junk is clearly rolling over and it's trading in direct contradiction to the broader indexes. Like the Dow Transports, it's a canary in the coal mine for the overall markets. Invest accordingly.