for what the trading range is. bigger picture, we never broke that downtrend from the january peak and the rally off the lows got a lot of credence to it. this is where the trenches are dug between the bulls and the bears here, right around these levels now, take a look at high-yield debt part of the message from jay powell seemed intended and making sure that financial conditions don t get too loose, the markets don t get too generous in financing risk here s the high-yield bond etf right here what you see is by the way that was the first fed rate hike in march. here you had the june lows in the stock market where basically when we had that big stagflation panic and you saw real weakness and widening of credit spreads they really now have come back it s widening out again this gap between these two. it shows you more anxiety is filtering into the financing markets although we re well off those worst levels the gap between the two is not at a high stress level let s talk abou