With the S&P 500 in striking distance of a record close, the index could post a historic recovery.

The S&P 500 was up 0.1% to 6006.29 on Monday, which is off around 2% from its Feb. 19 record close.

It may feel like ages since the S&P was cruising to record highs, but its latest milestone was only 76 trading days ago. In that span, the index has made whiplash-inducing moves, falling as much as 18.9% from that high to its close on April 8, only to rally back furiously.