As the S&P 500 and Nasdaq have both been rallying and testing their record highs, small-caps had been lagging behind. In yesterday’s trading, though, even the Russell 2000 got in on the act and rallied. As shown in the intraday chart for the index over the last three weeks, yesterday’s 1.6% rally broke what had been a pretty consistent short-term funk for the sector.
A fifteen-day high for the Russell 2000 is a start, but it still has a ways to go before getting anywhere close to catching up to the large-cap S&P 500 or Nasdaq. Not only is the index still well off its highs from earlier this year, but it’s also still more than 9% from its all-time high made back in August 2018. Start a two-week free trial to Bespoke Institutional for access to our full research suite.