Having failed twice last week, the S&P 500 is once again testing its 200DMA as hopes of a border/shutdown deal, a lack of collusion, China trade dreams, and an easy Fed are prompting stocks to new post-Xmas dip highs...

The S&P 500 is at its highest since Dec 4th...

What happens next?

Earnings recession? Meh, don't worry about it...

Oh and don't worry - Fed Chair Powell just told everyone that he "doesn't feel the probability of recession is at all elevated." There's just one thing - the NYFed disagrees...