A 31-year market vet warns stocks face at least 23% downside with inflation still too high, a recession looming, and a narrow group of companies driving the current rally

• Jon Wolfenbarger says a recession is still hurtling toward the US economy.
• Manufacturing data, inflation data, market breadth, and high rates are warning signals, he says.
• Wolfenbarger expects the S&P 500 to fall to fresh lows.

The pilots are circling the airport. The landing gear is down. Wind levels have dropped. The weather is pristine. A soft landing is ahead.