While the DJIA is putting in a solid effort at maintaining its impressive winning streak, another potentially more impressive streak looks to be coming to an end today. With a decline of over 9% today, not only are shares of NVIDIA (NVDA) now trading down for the year, but they are also well below their 50-day moving average (DMA), a level the stock hasn’t closed below in over a year! That’s right, the last time NVDA closed below its 50-DMA was back on 2/17/16. At its peak earlier this year, the stock rallied over 330% from that day last February, and even after the recent pullback the stock is still up over 262% since then.
What makes the streak that NVDA broke today so impressive is how long it was compared to every other stock in the S&P 500. At 256 trading days, NVDA’s streak was more than twice as long as the second-longest streak. As shown in the chart below, shares of Western Digital (WDC) now have the longest current streak of closes above the 50-DMA at just 117 trading days. Even five months is impressive, but it’s like comparing a big-leaguer to a triple-A player.