A booming stock market isn't stopping bears from sounding the alarm on a potential crash. Here's what they're worried about.

Adobe Firefly, Tyler Le/BI

• Bearish strategists are warning of a potential stock market plunge as the economy cools down.
• Indicators like the Sahm Rule and job market weakness suggest a looming recession, the bears say.
• One strategist predicts that a recession could cause a 70% stock market decline amid lofty valuations.

Bearish strategists are sounding the alarm about a potential stock market crash as the economy shows signs of cooling down.

While the...