LQD: Canary in the coal mine?

LQD went ex-dividend for 49 cents today, but it is still down $1.28 and has broken below the long term trend from March. Unlike SPY and stock indices, LQD has shown a much more smooth trajectory and is an easier read as far as a trend.

This may represent a premonitory indicator of a "renewed belief in the negatives" as investors eschew corporate debt. I guess I'm not calling for a "crash" since support levels are plentiful in LQD as well as other indices, but rather a more sober view of the capital markets and time to take some off the table.