On the heels of 2022's historic downturn, investors finally have reason to celebrate. The S&P 500 has gained more than 20% from its bear market low last year, though it's currently gathering steam before its next leg up. The index is poised just 13% below its all-time high (as of this writing). When it ultimately exceeds that watermark -- which is only a matter of time -- that will be proof positive of the onset of the next bull market.

The still-fluid economic picture presents challenges, particularly for consumer-facing businesses. One example is online retail, as hesitant shoppers wait for more clarity about the future. E-commerce pioneer Amazon (NASDAQ: AMZN) is still feeling the impact, as the stock is still 35% off its high and down 24% over the past three years.

This represents a compelling opportunity for savvy investors. A recovery in consumer spending, the massive opportunity afforded by AI, and a dirt-cheap stock price suggest investors should be buying the stock hand over fist before the oncoming bull market charges ahead.

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Source Fool.com