Curve steepens, puts aside recession fears.

                 The FED is still pumping,  balance sheet is again on the rapid raise.

Worth noticing that almost 80% of SP-500 stocks are above their 200 day moving average. That has happened three times in the last five years, and every time it has happened the market has pulled back.

"People are never more insecure than when they become obsessed with their fears at the expense of their dreams."

The global risk rally ran out of steam today following four bullish sessions. Volatility remains very low on Wall Street, despite the British Prime Minister Boris Johnson's announcement to limit the transition period of the Brexit process, which could increase the risk of a 'hard-Brexit' yet again.

"The cost of borrowing cash overnight on the last day of the year has surged despite the US Federal Reserve’s injection of billions of dollars into markets in an attempt to ease the strain, raising concerns that investors may be in for a volatile final few weeks of 2019."

                                      For now a pause, an inside day for small caps

In summary, the $SP-500 chart is strongly bullish. The only sell signals are from put- call ratios. So if long, stay long and use trailing stops.

Volatility has remained mostly bullish, $VIX remains below 16 on a closing basis and that is bullish.