Small-cap stocks are making noise right now. The Russell 2000 (IWM) has been outperforming the S&P 500 (SPY) for nine consecutive trading sessions—and that's no small feat this year. The relative spread between these two has widened roughly 5% during this run, marking the strongest small-cap factor performance we've seen since November 2024. When you look at the technicals, there's a clear momentum shift happening in the micro-cap and smaller companies space. Whether this is a sustained rotation or just a tactical bounce remains to be seen, but the consistency of these daily gains is worth monitoring. For traders focused on factor strategies and relative value plays, this could be an interesting window to watch.