In Christ and Christ in You

From Anstey’s Doctrinal Definitions:

These are technical expressions used by the Apostle Paul to denote the Christian’s standing and state.
"In Christ" is a positional term denoting the Christian's link with Christ in the very place of favour that He is in before God. Literally, it means to be “in Christ's place before God” (Rom. 6:11, 23; 8:1, 3911Likewise reckon ye also yourselves to be dead indeed unto sin, but alive unto God through Jesus Christ our Lord. (Romans 6:11)
23For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord. (Romans 6:23)
1There is therefore now no condemnation to them which are in Christ Jesus, who walk not after the flesh, but after the Spirit. (Romans 8:1)
39Nor height, nor depth, nor any other creature, shall be able to separate us from the love of God, which is in Christ Jesus our Lord. (Romans 8:39)
, etc.). This place has been secured for us through Christ’s rising from the dead and His ascending to God’s right hand as a glorified Man. It is a position that belongs to every believer on the Lord Jesus Christ regardless of what his or her state of soul may be because it has to do with the Christian’s standing before God that never changes. Even if a Christian dies, he is still viewed as being “in Christ!” (1 Thess. 4:1616For the Lord himself shall descend from heaven with a shout, with the voice of the archangel, and with the trump of God: and the dead in Christ shall rise first: (1 Thessalonians 4:16); Rom. 8:38-3938For I am persuaded, that neither death, nor life, nor angels, nor principalities, nor powers, nor things present, nor things to come, 39Nor height, nor depth, nor any other creature, shall be able to separate us from the love of God, which is in Christ Jesus our Lord. (Romans 8:38‑39)) It is our connection with Him as Head of the new creation race, of which we are His “many brethren (Rom. 8:2929For whom he did foreknow, he also did predestinate to be conformed to the image of his Son, that he might be the firstborn among many brethren. (Romans 8:29); 2 Cor. 5:1717Therefore if any man be in Christ, he is a new creature: old things are passed away; behold, all things are become new. (2 Corinthians 5:17)). Thus, the term denotes the special standing that Christians have which Old Testament saints didn’t have, for in their day Christ had not yet come, nor had He ascended on high as a glorified Man. In fact, all of our distinctive Christian blessings are said to be "in Christ." (See Blessing.)
"Christ in you" is a term that many Christians have generally misunderstood. They think that it means that Christ personally dwells in them. Hence, comes the often-heard statements, "Christ dwells in me," or "Jesus lives in me!" While it is true that the believer is indwelt by a divine Person, it is not Christ who dwells in us, but the Holy Spirit (John 14:1717Even the Spirit of truth; whom the world cannot receive, because it seeth him not, neither knoweth him: but ye know him; for he dwelleth with you, and shall be in you. (John 14:17); Acts 5:3232And we are his witnesses of these things; and so is also the Holy Ghost, whom God hath given to them that obey him. (Acts 5:32); Rom. 5:55And hope maketh not ashamed; because the love of God is shed abroad in our hearts by the Holy Ghost which is given unto us. (Romans 5:5); 1 Cor. 6:1919What? know ye not that your body is the temple of the Holy Ghost which is in you, which ye have of God, and ye are not your own? (1 Corinthians 6:19); 1 Thess. 4:88He therefore that despiseth, despiseth not man, but God, who hath also given unto us his holy Spirit. (1 Thessalonians 4:8); James 4:55Do ye think that the scripture saith in vain, The spirit that dwelleth in us lusteth to envy? (James 4:5); 1 John 3:2424And he that keepeth his commandments dwelleth in him, and he in him. And hereby we know that he abideth in us, by the Spirit which he hath given us. (1 John 3:24)). It has not helped that modern evangelists have popularized phrases such as: "Open your heart and let Jesus in," and "Ask Jesus to come into your heart," etc. Scripture does not support the idea that there are two divine Persons dwelling in the Christian. It is true that He is omnipresent (an attribute of deity) and is everywhere in spirit, but He personally resides in His own glorified human body in heaven.
Certain passages of Scripture say: "I am crucified with Christ: nevertheless I live; yet not I, but Christ liveth in me: and the life which I now live in the flesh I live by the faith of the Son of God, who loved me, and gave Himself for me" (Gal. 2:2020I am crucified with Christ: nevertheless I live; yet not I, but Christ liveth in me: and the life which I now live in the flesh I live by the faith of the Son of God, who loved me, and gave himself for me. (Galatians 2:20)). "Christ in you, the hope of glory" (Col. 1:2727To whom God would make known what is the riches of the glory of this mystery among the Gentiles; which is Christ in you, the hope of glory: (Colossians 1:27)). "He that eateth My flesh, and drinketh My blood, dwelleth in Me, and I in Him" (John 6:5656He that eateth my flesh, and drinketh my blood, dwelleth in me, and I in him. (John 6:56)). "In that day ye shall know that I am in My Father, and ye in Me, and I in you" (John 14:2020At that day ye shall know that I am in my Father, and ye in me, and I in you. (John 14:20)). These passages are not referring to Christ personally dwelling in believers, though it is understandable how a person could mistakenly conclude that from them. Rather, they are referring to a subjective state in believers, resulting from them having the life of Christ. These verses are simply stating that we have His very life and nature in us, and therefore, the capacity to have His moral features formed and displayed in us by the Spirit (2 Cor. 3:1818But we all, with open face beholding as in a glass the glory of the Lord, are changed into the same image from glory to glory, even as by the Spirit of the Lord. (2 Corinthians 3:18)). Hence, Christ is in us morally, but not personally. Colossians 1:2727To whom God would make known what is the riches of the glory of this mystery among the Gentiles; which is Christ in you, the hope of glory: (Colossians 1:27) is referring to it in a collective sense—of which “you” denotes (in the KJV). Commenting on this verse, W. Kelly said, "It is Christ's life in us in its full risen character of display" (Lectures on Colossians, p. 108). Another expositor has said, "The mystery in Colossians is said to be 'Christ in you, the hope of glory' as having a present effect in the reproduction of the features of Christ in the Gentiles" (Precious Things, vol. 3, p. 201). Hence, Christ is with us in spirit—being an omnipresent Person (Matt. 18:20; 28:2020For where two or three are gathered together in my name, there am I in the midst of them. (Matthew 18:20)
20Teaching them to observe all things whatsoever I have commanded you: and, lo, I am with you alway, even unto the end of the world. Amen. (Matthew 28:20)
; Heb. 13:55Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee. (Hebrews 13:5)), but He doesn't dwell in us personally, as does the Holy Spirit.