The S&P 500 index was on monitor Friday to complete above a technical stage that might ship an enormous dose of encouragement to stock-market bulls arguing that the bear-market backside is in, although chart watchers warned that it won’t be a sign to go all in on equities.

By Thursday’s shut, the S&P 500 SPX has rallied 14.7% off its 2022 closing low of three,666.77 set on June 16. A detailed above 4,231 would imply the large-cap benchmark has recovered — or retraced — 50% of its fall from a Jan. three file end at 4796.56.

“Since…