The junk bond ETF (JNK) has been in a short rally since mid-August. Prices moved through the upper 39 level in mid-October, pulling the shorter EMAs with them. Momentum is about to print a buying signal and money is flowing into the market.
The weekly chart also shows a strong multi-yearrally that started in the 3Q11 and continues to this day. Prices have followed a very nice pattern of rallying followed by consolidation. Also note the technical confirmation from both the MACD and CMF.