The IWM 0.00%↑ is having a week, up over 8% as of this writing. This is a great sign for the health of the overall market in my opinion, as we can look left and see that the small cap index above $170 is about where things stood before the craziness of 2020 and its aftermath took hold.
One important consideration in this price movement is that the mutual fund fiscal year ended on Tuesday, thus forced selling for tax and other purposes flips to forced buying at the start of November.
So is this the start of a new trend? I need to see more data for that myself. But sideways isn’t always bad, and if the small caps can consolidate this weeks gains over a protracted period of time, something more constructive might be in the works.