Stocks had a great day on the surface. But something alarming occurred not seen since 1999

The stock market just posted a banner day by nearly any measure on Monday. The Nasdaq Composite surged 2% to a new record. The broader S&P 500 jumped about 1.5% and now sits less than 1% below a new high. But traders are buzzing about something unhealthy that occurred under the surface. More stocks fell to new 52-week lows on Monday than rose to 52-week highs in the index. More specifically, 30 S&P 500 stocks hit new lows, while only seven reached fresh highs. The last time the index advanced at least 1% to within 1% of a new 52-week high as new lows outnumbered new highs was Dec. 21, 1999, a few months before the Dotcom Bubble top. That's according to Jason Goepfert, who founded SentimenTrader and now serves as an adviser at NextGen News.