The small-cap Russell 2000 index ($IWM) has experienced a significant rally, reaching multi-year highs. As of October 16, 2024, $IWM is up 4.4% since last Thursday's close, outperforming the S&P 500 ($SPY), which gained 0.75% in the same period. The index is on track for its highest close since November 2021, driven by strong performance in small-cap stocks. This rally has seen $IWM break above the 224-225 zone, with gains of 1.7% today, up 0.7% premarket, and a 35-month high. Additionally, $IWM has been up 4 days in a row. Despite the broader market's mixed performance, small caps have shown resilience and strength.