The Russell 2000 Index has experienced a significant surge, climbing over 6% to reach a new all-time high. This increase marks the highest level for the index since January 2022. The small-cap futures contract has also soared by over 6%, with pre-market trading showing a 6.4% rise. The index is now only about 20 points away from its November 2021 high. This surge is accompanied by a notable increase in call buying activity, which is double its highest level from the past 30 days. Additionally, the percentage of Russell 2000 members trading above their 50-day moving average has increased by 17.2 percentage points, the strongest rise since July. The NASDAQ futures also saw a significant increase, rising by 362 points, and the Russell futures were up by 4%. The index's breakout occurred on its highest one-day volume since February.