Childs clearly prefers the former option. In his Introduction to the Old Testament as Scripture he wrote
The threat which is posed by overemphasising the discontinuity between the Christian and Hebrew Bible is that of severing the ontological relationship between Christianity and Judaism. (671).
the complete canon of the Christian church as the rule-of-faith sets for the community of faith the proper theological context in which we stand, but it also remains continually the object of critical theological scrutiny subordinate to its subject matter who is Jesus Christ. This movement from the outer parameters of tradition to the inner parameters of Word is constitutive of the theological task. [*]