Ol' OAS Stirring

Keeping an eye on the US high yield OAS (option adjusted spread), which is testing the upper limit of a Linear Regression Channel and has the potential to break out above resistance. This credit spread may have reached a year-long, risk-off bottom. Conditions that are deteriorating are a bearish leading indicator.
Credit spread widening is bearish, as is price distribution under the indices over the last year.

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