Soft landing or what?

Since the FED started raising rates last year, there has been a lot of recession doom porn on twitter, but stock prices may or may not have priced in all of that sentiment. It's important to note that much of the stock indices have been driven by the large stocks that make up most of the indices' holdings. For example the S&P500 - Russell 2000 ratio shows that many stock prices are struggling:
This leads me to question whether the S&P500 prices at this level are sustainable. My personal opinion, I will just go with the flow right now. There's MACD divergence, so I'll wait for the pullback before opening the position.