High Yield OAS as a stock market bull/bear indicator

Has anyone used High Yield Option adjusted spread as a bull/bear indicator? Its the spread of non-investment grade bonds over treasuries. The idea is the tighter the spread gets, the weaker the credit standards are. The data is available St. Louis Federal Reserve site. https://fred.stlouisfed.org/series/BAMLH0A0HYM2 submitted by /u/a-duey-pyle [link] [comments]