Depending on which index you look at, Junk bonds is at support or plunged through support last week.
If you are more of a breakout trader, shorting JNK with a stop at 36 would make sense. However, HYG is not quite as convincing a short
HYG is showing a possible bounce from support. If I were a spread trader I would be wondering if there was a spread-type trade here. Regardless, if junk bonds continue to break from here, it has a long way to go before finding a good solid point of support - it would basically be in free-fall. In that case - everything is in trouble including equities (which by most measures is already in trouble).