A closely watched gauge of small-cap U.S. stocks recently experienced its most explosive rally in history, according to one measure cited by Bespoke Investment Group.
The Russell 2000 RUT closed at its most overbought level ever on Wednesday after finishing the session 3.7 standard deviations above its 50-day moving average, according to analysts at Bepoke. The 50-day moving average is a popular momentum gauge used by technical analysts to determine the dominant trend in a stock or index.
Wednesday’s shift surpassed the previous record rally for the Russell which took place in 1991, the Bespoke team said. Since the beginning of June, the Russell 2000 has risen 7.6% and is on track to log a second straight weekly gain of more than 3%, according to FactSet data.
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