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In One Chart: Everything looks great for small-cap stocks, with just one caveat, says chart watcher

Small-cap stocks are kicking tail, taking names and generally looking good on the charts, says one of Wall Street’s most closely followed technical analysts. But there is a sign the trade might be getting a little crowded on a short-term basis.

“Small-cap everything looks better than large‐cap, with the exception of technology,” wrote Jeff deGraaf, chairman of Renaissance Macro, in a Thursday note, a day after the small-cap benchmark Russell 2000 index RUT, -0.51% logged its 23rd record close of 2018, leaving it up 11.2% in the year to date.

The large-cap S&P 500 SPX, -0.42% in contrast, was up 3.5% in the year to date through Wednesday.

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