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Janet in Trading psychology,

Stock-market investors are starting to freak out about this ugly chart

Wall Street bears are sounding alarms about a recent drop in non-investment-grade bonds, popularly referred to as junk bonds.

The SPDR Bloomberg Barclays High Yield Bond ETF JNK, -0.65% an exchange-traded fund that tracks junk bonds, is on track to finished at its lowest level since March 24. Another well known junk-bond ETF, the iShares iBoxx $ High Yield Corporate Bond ETF HYG, -0.49% also carved out late-March nadir, according to FactSet data.

Both ETFs fell below their 200-day moving averages early this month, signaling that momentum in fixed-income products is bearish. Technical analysts tend to follow short- and long-term averages in an asset to help determine bullish and bearish trends.