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