The S&P 500 hit pullback territory in midday trading Monday, sliding more than 5% below its January 15 high. The benchmark index needs to close below 1755.96 for it to be official.

The broad-market barometer closed at an all-time high of 1848.38 on January 15, a bit fewer than three weeks ago.

A 5% decline would put the S&P at 1755.96, about two points below Monday’s intraday low. The S&P 500 hasn't had a "pullback" since June 24 (see graphic below), when investors were reacting to then-Federal Reserve Chairman Ben Bernanke's recent statements that the central bank could start scaling back its bond-buying program later in 2013.

Back then, the pullback was short-lived, and in fact marked a very good entry point for intrepid investors willing to go against the crowd (the S&P 500 rallied 17.5% from June 24 to the end of 2013).

Would a pullback now mark another bullish entry point for investors?