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

Stocks had a great day on the surface. But something alarming occurred not seen since 1999  CNBCAs the S&P 500 nears a new record high, there are signs of weakness below the surface  MarketWatch$VG S&P 500(VOO.US)Context: The S&P 500 pushed higher past $711 today as tech hardware and AI leaders led a broa…  LongbridgeU.S. Stocks Close Higher; Nasdaq Rises 2.26%  bloomingbitS&P 500 Rises 0.70% as Consumer Discretionary Jumps 3.3%; Materials Slide 2.3% – Consumer Sentiment Index  careplusvn.com

The market just posted major gains, but the latest performance is not as strong as it may seem. 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. Prior to that, the only other time in history this dynamic has played out was