Junk Bonds are showing early signs of a red signal. See the divergence between High Yield Bonds and TLT ratio with SP500.
While the ratio of High Yield with TLT is heading down, SP500 is making new highs. This divergence has alerted us in the past to bear markets.
It is still early days and SP500 can keep making new highs. But this is one of the reliable indicators that is flashing an alert.