One of the biggest beneficiaries of the Powell Surrender has been the high-yield bond fund, symbol HYG, shown here.

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Notice how extended its moving averages are, and how stretched the price is above those averages. This is clearly a financial instrument which has gotten ahead of itself. Looking closer, using the same averages, you can observe how we’d double-topped at 85.88. A short at these levels seems like a very appealing low-risk/high-reward kind of trade since this is a relatively slow-moving instrument with a tight stop-loss.

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The %R and CCI indicators also suggest that HYG is in an overbought state.

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(Click on image to enlarge)