It’s still a bull market
Equity markets continue to make all-time highs, driven by a booming global economy and, in contradiction to that, huge fiscal and monetary stimulus. Corporates are beating expectations on their profitability and cash is still freely available at low prices to buy all the asset classes that benefit from this. As it stands now, the path of least resistance for markets is most certainly higher.
Bull markets last for many years, as does the dead calm which punctuates them. I joined the market at the end of the last bull market of 1982-1999 and saw equities go nowhere for a decade until the financial crisis, and the pessimism this produced, sowed the seeds for the current bull market which is now 12 years in length (we think last year was a sharp correction in a bull market, not the start of a new bull market).