It looks like the S&P is working its way back down towards trendline support a fair bit lower than here... but while we wait for equity to catch up with credit, check out 30 year Treasuries as they break above the 2008 highs again and challenge the August highs. What inflation? The stock market may not be pricing in a recession yet, but the bond market sure looks like it is.
And the S&P remains in the steep falling channel we noted the other day. At least for now.