As impressive, or shocking, as the gains by large-cap benchmarks, including the S&P 500 SPX, -0.19% have been, the small-cap benchmark Russell 2000 RUT, -0.39% has left them in the dust.
And recent gains have put the index in breakout territory, unlike the S&P 500, which has yet to break above major resistance lines, said technical analyst Andrew Adams of Saut Strategy, in a Wednesday note.“This is a positive signal, though it does lose some of its bullish impact due to the index already being so extended,” he wrote, noting a slight negative divergence between the price and the relative strength index , which had pushed into overbought territory.
Major U.S. stock indexes were slightly lower in choppy trade Wednesday, with the Dow Jones Industrial Average DJIA, +0.00% down 5 points, or less than 0.1%, while the S&P 500 declined 0.2%. The Russell 200 was off 0.3%. The small-cap gains have helped push RenMac’s NYSE breadth indicator into new high territory, he said, while the firm’s IPO index has made a new relative strength high. Breadth is a measure of how many stocks are participating in a move in an index or on an exchange.
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