Over the past 2 months the Russell2000 index has been taking on a leadership role when compared to the Dow, NASDAQ and S&P500. Above is a 2 hour chart of the Russell2000 index and in the lower panes we have a ratio chart of the Russell2000/S&P500 and at the very bottom pane is the stochastics oscillator. You'll notice today the Russell appears to have bounced off of a significant uptrend line. The ratio line has also been trending higher indicating that small caps are outperforming the S&P500. The stochastic oscillator is also turning upward from an oversold condition suggesting a rally back up to recent highs.
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