U.S. equity markets are experiencing a pullback after a six-week bullish trend, with the S&P 500 Index ($SPX) down 1% over the last three days. The SPY ETF has declined by 0.75% as traders react to this expected dip, attributed to typical market behavior following options expiration and seasonal sluggishness at the end of October. The Fear and Greed Index has dropped 13 points, indicating a shift in market sentiment, with warnings that another 1.25% drop could push it into the 'Fear' zone. Analysts note that the percentage of S&P 500 stocks above their 50-day moving average has also been declining, supporting the notion of a temporary pullback. Despite the current dip, market observers remain optimistic about the overall strength of the bull market, suggesting that long-term sentiment is not excessively bullish.