The argument that the market has fully discounted the economic chaos that lies ahead is extremely hard to justify.
The Fed Chair will have to, once gain, thread the needle this week.
Technical conditions are favorable, but there are four big news events coming up before the next Fed meeting on March 22.
Credit is looking strong and stocks seem to be responding well to spending cuts, but zero days to expiration options are a wild card.
Here's what I think mattered more than anything else late last week as the market rallied.
The market is holding up at key resistance, but the bulls need some positive news flow in order to build momentum.
As Chinese President Xi Jinping visits Moscow, the US warned it won't hesitate to sanction Chinese companies that support the Russian invasion.
The market is at a very important juncture.
What's next for the shares?
Anyone at the Fed worried at all about job and wage-driven inflation will have to talk hawkish now.