$ES_F / $SPY — Breakout Backtest. E-mini S&P 500 FuturesCME_MINI:ES1!Barkworth$ES_F / SPY — Breakout Backtest. The ugly duckling finally broke down. It makes sense. The AI trade is far from dead and anyone with a good entry doesn’t want to give up those shares. Late stage tech bulls took losses yesterday while pretty much every other sector was flushing on high energy costs and rising yields. Rates are in a global uptrend and a potential credit event is becoming more and more likely. Our job is to follow price. Weekly breakout backtest, the daily breakdown backtest is next, and then potentially set up again. An hourly failed breakdown initiates the long to get back to yesterday’s breakdown zone, and imagine riding that, with partials negated as Trump tweets TACO? Taco is Tuesday though, but a man can dream. Levels and plan in today’s newsletter.