The small-cap Russell 2000 Index ($IWM) showcased significant strength, closing with a notable increase of over 2%, while the tech-heavy Nasdaq 100 ($NDX) saw a modest uptick of just 34 bps. Market participants observed solid rotations into cyclicals, with $IWM outperforming amidst increasing odds of a June rate cut, which did not favor $NDX similarly. Despite concerns over recent market flushes and defensive undertones within the S&P 500 ($SPX), the resilience of $IWM, testing three-week highs, underscored a broader market sentiment leaning towards optimism. This bullish momentum is attributed to a combination of retreating yields, favorable rate cut expectations, and a strong rotation into small-cap stocks, as highlighted by various market analysts and traders.
In Today's DailyRip: $IWM Is Back On The Menu Rate-sensitive areas of the market, like utilities, real estate, and small/micro-caps, all rebounded sharply today as bonds caught a bid. With one day of trading left in the quarter, everyone’s rushing to “window dress” their… https://t.co/nf19PNW2ug
$IWM is heading higher off a key support region I like it https://t.co/eQKkaRwRH5
No #SPX #NDX flushes. Back closer to the upper end of recent long range... The worst that was happening, was not making fresh highs. Thu we will have another good day! 🦊 🦅 #LIVETRADINGROOM https://t.co/dsF7GQmuZG
The small-cap Russell 2,000 $IWM had a big day today, up 2%+ while $QQQ was up just 34 bps.
$IWM Closed at hod. +2.5% almost. https://t.co/KfjO4JPlH9
$IWM #update closing very strong as rotation continues https://t.co/D5Gs4LEIVr
$IWM #update Beautiful move since morning mention how it is showing strength Calls paid nicely there @TENETTRADEGROUP see before/after https://t.co/FXCHIqngWh https://t.co/GU9y2ObdC8
$IWM/ $SMH testing 3 week highs. Watching for potential rotation! https://t.co/l6TAAdHtnr
Yesterday, I doubted the death of soft landing, and see more of retreating #yields, rate cut odds up, and #IWM upswing. Captured ✅ 🦊 🦅 #LIVETRADINGROOM https://t.co/WPXyMVSypR
Typical day of - solid rotations into cyclicals, - $IWM doing very well - $NDX not taking to Jun rate cut odds increase - distinct #SPX defensive undertones. 🦊 🦅 #LIVETRADINGROOM https://t.co/YlzPKm01j8
Worried about yesterday's #ES #SPX #IWM flush? I 🦊 warned of very possible repeat of Mon action, and @ellinraul 🦅 took advantage of it! And premarket upswings also called 😉 🦊 🦅 #LIVETRADINGROOM https://t.co/Noimf4fudK
Think that slightly hotter goods orders data would sink the #SPX #NDX $IWM rally? Think again. 🦊 🦅 #LIVETRADINGROOM https://t.co/GI1isuY5Tg