HYG vs SPX

There is a development in the high yield (aka junk bond) area.  Lets look at how the high yield ETF HYG and SPX look together.  Here is the first historical chart.

They actually track pretty well together.  The risk on trade include stocks and high yield bonds.  They both tend to cross their respective 200 MAs in close proximity in time.  Lets move up to the current picture.

They continued with that same price relationship up until now.  HYG has already dropped below its 200 SMA while SPX is still well above it.  Is SPX going to follow HYG down?  I have stated by the way the new high/low data was acting that we are likely headed to the 200 SMA for SPX.  I think the action in HYG is suggesting that might be possible.

Bob