Investors are celebrating new all-time highs for the S&P 500. The index is a popular stand-in for the broader stock market, making its new record a signal that Wall Street is officially in a new bull market.

But that's a loaded expression with more meaning than news headlines tell you. Don't get me wrong, investors have seen bull markets before, and history says there could be more fun in the coming years.

Still, keeping expectations realistic is crucial to avoiding the frenzied market behavior from 2021 that ultimately set up investors for a big letdown.

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Source Fool.com