After mounting a powerful rebound off the 2018 Nov/Dec lows the LQD(iShares iBoxx Investment Grade Corporate Bond ETF) ran into a wall near the $116.50 area.  The LQD has spent the last six weeks tracing out a narrow consolidation just below this zone.  Today this bull flag pattern is giving way as the LQD heads for its best close since April 17, 2018.  A fresh rally leg could have legs.  The LQD can cover a great deal of ground before returning to overbought territory. 

The LQD explained:   The iShares iBoxx $ Investment Grade Corporate Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated, investment grade corporate bonds.

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Hat tip Charlie Bilello