Between October 2023 and March 2024, the benchmark S&P 500 (SNPINDEX: ^GSPC) index surged by 25% in (almost) a straight line. It culminated in a new record high of 5,254 on March 28, but the index is now in the midst of an ongoing sell-off. The S&P 500 is currently trading 3.6% below its best-ever level in what largely appears to be a typical bull market pullback.