Select a ratio to update the chart and signal detail.
Early warning, macro, and leadership lenses
Under the surface, the market is getting more selective. Leadership can still mask the damage for a while, but the tape is less healthy than the index might suggest.
High Yield / Investment Grade credit. Credit markets usually price stress before equities do, so this is one of the cleanest early warnings.
Credit is usually the first place institutional stress shows up. When junk bonds lag high-quality debt, appetite for risk is fading before stocks fully react.
Credit healthy and risk appetite improving.
Credit stress is building and investors are moving up in quality.
This ratio rolled over ahead of several major equity drawdowns, so traders treat it as the market's credit canary.
Look for stabilization in junk credit before trusting any equity rebound.