Following Wednesday's ferocious counter-trend rally both SPY and QQQ pulled back from declining SMA's even as CPI printed cooler than expectations. While we may have hoped for a much tighter range day than yesterday, what we got was nearly limit-down on the indices, and yet still an inside day. The VIX remains in the low 40's and Index ETF's remain below declining 200 day SMA's. In fact SPY and QQQ remain below their respective 9, 20, 50 and 200 day SMA's. 

Keep your eye on the overall trend and 'field position' for perspective. The largest rallies from a historical standpoint happen during downtrending markets with high volatility; i.e. bear markets. 

It clearly remains a day trader's market as taking-on overnight risk carries an extremely low probability of success. Keep these very simple, logical observations in focus. 

I'll let today's video do the heavy-lifting from here. As always I recommend watching in its entirety! (1.5 - 2.0X speed helps).

LESS IS STILL MORE FOR ME. 

I...