The Debts of the World: Credit Markets Hit Resistance?

Technical analysis's track record w/credit markets is mixed or non-existent depending on who you talk to. Still, these charts give a glance at institutional sentiment (as opposed to retail mutual funds).

Legend:

EM- emerging markets

IG- investment grade

HY- high yield (junk bonds)

IG HVOL - similar to IG but w/an eclectic mix of financials, home builders, retailers, and restauranteurs.

Source: Markit.com

For more information, I suggest Urbandig's recent post on CMBX credit prices:

http://www.urbandigs.com/2009/08/cmbxs_acting_hairy_again.html

Bond markets absolutely lead equities - even if there is an occasional lag.

Another comparison I recommend is checking the prices and charts for: LQD (Investment grade bond etf) and HYG (high yield junk bond etf).