High Yield related to Investment Grade break out?

Updated
HYG / LQD weekly chart shows a breakout above the March 2020 former broken support which was tested as resistance in March 2021 and could even be called a cup and handle.

High Yield is commanded from this bonds because they are considered higher risk.

So with all the geopolitical and rising rates concerns, this seems contrary and signals that we may be in a risk-on environment.

This by itself is considered risk-on but needs to be taken in context.
It's definitely worth considering though.
The market participants driving this price movement is not afraid to put their money on higher risk bonds and the bond market is not something to ignore.
Note
it went back below the range this week

this could be a failed breakout (especially if the 0.66 ratio is broken - i.e. there is follow-through downside early this week)

and if is a failed breakout it could be a strong drop which would be bad signal for Risk Assets (even more downside despite where we already are)

something to watch but NOT trade for me
Note
Up, back down, back Up again - it's messy sideways action
but will keep watching a strong direction here could would be a signal for risk on/off behavior

note though "a" signal, not "the" signal - there is no one signal but additional evidence on direction
Trade active
that looked like a successful retest of breakout
target is 0.74
stop loss 0.66
Cup And HandleSupport and Resistance

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