Are you looking at your futures charts? The global economy is imploding before our very eyes. ZB is printing at 186. When was the last time that has ever happened? Oh, that is right...NEVER. Oh, and we're at limit down levels again on ES.
The markets are forward looking and now pricing in a recession, you know those things that happen every 5 years on average. And one hasn't happened in 12 years. The last one started December 2007.
S&P just locked limit down for the night. Dow continues to fall (nearly 1200 as of this writing) and oil is flirting with breaking below 30. WILD ride.