Stocks set to mark a bullish milestone for the first time in five years, as ‘momentum’ rules the week

What a week for the markets.

As of Friday afternoon, the S&P 500, the Dow Jones industrial average and the Nasdaq composite have all notched gains for five days straight, from Monday through Friday. The last day that the three major indexes have logged such a streak was in 2011, in the week of Sept. 12 — coincidentally, also from a Monday to a Friday.

Before that, the three indexes rose each day of a full week just a few months earlier, from June 27 to July 1.

This time around, the coincident one-week runups to record highs come as part of a big post-election rally.

"Momentum wins," summed up Michael Block, chief strategist at Rhino Trading Partners, in a Friday email to CNBC. "It's broadening out, and it's the most powerful thing going on right now."

On the other hand, MKM Partners technical analyst Jonathan Krinsky cautions against making investment decisions based on a small cluster of data points.

"One sample size is tough to glean too much from, and Sep. 2011 was a much different market," he wrote to CNBC. "So I don't think I would read too much into it."

The last time the three averages moved higher for six days straight was in the period ended July 13, 2010.


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Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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