The Dow Jones Industrial Average closed at 16,151 on Wednesday, down over 1500 points in the past 10 trading days.

The index declined consistently throughout the day with a rapid drop occurring mid-afternoon.

On Dec. 29, the Dow Jones hit a peak at 17,720 but has since been on a downward trend, with the first five days of 2016 marking the index’s worst yearly start since 1897.

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The chart contradicts President Obama’s claim that “anyone claiming that America’s economy is in decline is peddling fiction,” which he stated during Tuesday’s State of the Union address.

Numerous experts suggest that not only will the U.S. economy enter a bear market, but market losses could potentially hit 40%.

stocks-overvalued-embed“I remain convinced that the U.S. financial markets, particularly equities and low-grade debt, are in a late-stage top formation of the third speculative bubble in 15 years,” Wolf Street’s Dr. John Hussman reported. “On the basis of the valuation measures most strongly correlated with subsequent market returns (and that havefully retained that correlation even across recent market cycles), current extremes imply 40-55% market losses over the completion of the current market cycle, with zero nominal and negative real total returns for the S&P 500 on a 10-to-12-year horizon.”

“These are not worst-case scenarios, but run-of-the-mill expectations.”

In other words, due to overvalued stocks the Dow Jones still has a vast distance to fall, and that fall could easily trigger an economic recession worse than the 2008 financial crisis.

“If things do temporarily calm down, don’t let that fool you: global financial markets have not been this fragile since 2008,” economic journalist Michael Snyder reported. “Any sort of a trigger event is going to cause stocks all over the world to slide even more.”

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