R2000 five-month bull run echoes 2021’s nine-month streak to new highs. The R2000 has risen in each of the past five months and is up MTD. The index has not had a monthly run like this since stringing nine up-months together culminating with its Jun ’21 prior all-time high. Near-term the R2000 holding its breakout to new all-time highs. There’s some risk Friday’s shooting star with 2497 high satisfies our 2507 Inverted Head & Shoulders near-term target but so far we’re not seeing upside capitulation. Longer-term, the R2000`s monthly chart argues we are just over halfway through the long-term bull market move off of the Mar `09 GFC low. The four-year price objective for the `09 to `29 bull market is 4820. In a light economic data weak, focus will adhere to the FOMC minutes Wednesday release and Powell’s Thursday speech. The tenor of both the minutes and Powell’s speech will likely be muted though in the end supportive of global liquidity, which today’s special study shows is hitting all-time highs along with U.S. stocks. Within small-caps, the breakout will capture attention and inflows even as the run from the April lows has been low-quality led. And that low-quality run has continued into 4Q25 with loss-makers outperforming by over 400 bps in the quarter’s early few days. But that will change and with it, manager relative performance.