AMEX:JNK SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
This is the main chart that I am watching at the moment. It has all the information on it that I need to see the markets direction. The main drivers on this chart are oil and JNK (junk bonds). As you can see SPX have diverged to the upside while USD/JPY has diverged to the downside. I am watching in particular for the JNK support to break down with oil . It could be that JNK and oil bounce short term off this support. I expect that that everything will reconnect with USD/JPY at some point. It will be interesting to see what happens. You can see that everything else diverged from USD/JPY in mid Feb.