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Early warning, macro, and leadership lenses
The market is behaving like a healthy expansion tape: credit is supportive, breadth is participating, and leadership is still productive.
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.