A 32-year market vet warns underlying weakness in the labor market is on the verge of showing up – and shares an ominous chart showing why the S&P 500 could be set to fall more than 50%

• Jon Wolfenbarger warns of an imminent recession despite a booming US labor market.
• Wolfenbarger cites declining full-time job gains, an inverted Treasury yield curve, and more.
• Other market analysts, including Ian Shepherdson, also highlight signs of a weakening labor market.

Looking at the headline numbers, the US labor market is booming. Over the last four months, the economy has added 279,000 jobs on average, and the unemployment rate has also stayed below 4%, historically low levels.