We’ve mentioned numerous times how strong the rally has been over the last five trading days, and it’s been so powerful that even Nvidia (NVDA) has been on a tear.
After successfully testing its 200-day moving average last week, NVDA has surged 17%, and it's now just 6% below its mid-May high.
Although NVDA remains below its prior all-time highs, we've seen an extreme level of buying intensity in shares over the last five trading days. With the stock up nearly 3.4% today, NVDA has rallied at least 2.5% for five days in a row. Looking back at prior streaks of daily gains of that magnitude, we were shocked to see that it’s the first five-day streak of 2.5%+ daily gains in the ChatGPT/AI era. In fact, outside of the current streak, there wasn’t even a run of four straight days.
Using a wider lens, the chart below shows NVDA streaks of 2.5%+ gains in its entire history as a public company. During those years, only two other streaks lasted as long as this one. The first was in November 1999, while the second one occurred three years later in November 2002 coming out of the dot-com bear market.
There have been multiple examples of significant market strength lately, and the fact that the world's largest company just tied its longest-ever streak of 2.5%+ daily gains adds another one to the pile.
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