NASDAQ 4,000

The U.S. stock markets are open and they are once again heading to new all-time highs.

Of note, the Nasdaq just crossed 4,000 for the first time since 2000.

On Friday, the Dow closed above 16,000 for the first time ever and the S&P 500 closed above 1,800 for the first time ever.

According to Citi’s Tobias Levkovich, “euphoria” has returned to the markets. And according to Citi’s proprietary stock market model, this could be bad news.

“Euphoria readings indicate the market may retreat with an 83% historical probability of losses in the next 12 months,” said Levkovich.

Here’s a look at the Nasdaq since 1999 via Yahoo Finance.

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