A 32-year market vet shares 5 labor market indicators showing the US economy is barreling toward a recession — putting an overvalued stock market at risk for major declines

• The September jobs report exceeds expectations, adding 254,000 jobs and boosting investor confidence.
• But Jon Wolfenbarger says trends still point to a recession ahead.
• This is while S&P 500 valuations remain high, putting the market at risk for big declines.

The September jobs report gave investors renewed hope that the labor market continues to withstand the interest-rate hikes instituted by the Federal Reserve over the last couple of years.