During this mornings up-every-day-cuz-it’s-the-law rally, the IWM did what SPY, DIA, and QQQ have been doing every day: made a new lifetime high.
The Russell 2000 index itself, however, did not, although it’s getting close. This is a data peculiarity, because we incorporate the benefit of dividend payments into equities, including ETFs, whereas raw cash indexes do not.
The long view of small caps, I believe, is still the same, as represented by the IWM/SPY ratio chart. This looks ready to go full diver-down.