A 31-year market vet who called the current bear market says the S&P 500 has another 45% downside as investors remain blind to signs that a recession is hurtling toward the US economy

• Leading economic indicators paint a picture of disaster, says Jon Wolfenbarger.
• Yet, stock market investors remain bullish, he said. 
• Wolfenbarger has been warning of a bear market since late 2021.

Jon Wolfenbarger doesn’t understand the optimism that remains among stock-market investors.