The S&P 500 is cutting back on some of its losses today as the index is up around 0.4% as of this writing. From a technical perspective, the S&P 500 is currently around similar levels to the June highs, but other than that there is no clear technical support. High yield bonds are another story. Investors often turn to credit markets for confirmation of moves the equities, and while earlier this week credit spreads were ripping higher to confirm the drop in equities, the high-yield bond ETF (HYG) is showing a more promising sign for bulls today. As shown below, HYG has pulled back 3.33% from its high less than two weeks ago, but over the past three sessions, that decline has been paused as the ETF has found support at its 50-DMA (which has also begun to trend sideways). That is the reverse of what has frequently been observed in the past year as the 50-DMA has gone from resistance to support. At multiple points throughout the past year, the 50-DMA frequently marked a stopping point in short-term rallies. This week, the opposite has appeared to be the case. Click here to learn more about Bespoke’s premium stock market research service.