Coming into today, NVIDIA (NVDA) was up 17% over the last week and more than 40% above its 50-day moving average. After gapping up another 4% this morning, NVDA is finally experiencing gravity with an intraday drop of nearly 10% as of 1 PM ET. As we’ve been mentioning recently, the type of upside moves we’ve seen in some areas of the market can’t go on forever, and traders are finally seeing what “red” looks like again today.
NVIDIA (NVDA) is up a massive 800% since its October 2022 low just before ChatGPT was released. We wanted to see how that compared to the move Tesla (TSLA) experienced coming out of the COVID Crash because that was another wild move higher over a similar number of days.  Remarkably, Tesla’s move over a 413-trading day period from mid-March 2020 to its peak in November 2021 was basically double what NVDA has experienced since its October 2022 low! Check out the chart below to see it for yourself:
The chart below extends Tesla’s range all the way to today. Today actually marks 1,000 trading days since TSLA’s COVID Crash low on 3/18/20. As you can see, TSLA shares are still up massively from that low point, but it has been a real struggle over the last couple of years since its blowoff top in November 2021.    
On another note, tomorrow (3/9) marks the 15-year anniversary of the S&P 500’s closing low during the Financial Crisis. On March 9th, 2009, the S&P 500 was mired in a 50%+ drawdown with no bottom in sight. That day, even Warren Buffett made an appearance on CNBC where he said that the economy has “fallen off a cliff”.
Our Headlines report from March 2009 shows that there was no major news event on March 9th that signaled a bottom was in either. But by the end of the month, the S&P would go on to have its best month since 2003. This is to serve as a reminder that there is no bell-ringing when it comes to major market bottoms or tops. They just happen, and only in hindsight does it become easier to see why they occurred. More By This Author:Semis Drop The Mic The Ludicrous ListOverwhelmingly Bullish, Even For All Time Highs