Bulls have been encouraged this week by small-cap exchange traded funds bouncing at their 200-day moving average after a sharp sell-off.

Their hope is that U.S. small-cap indexes defending this key technical level is a sign that the selling is over, at least in the short term. [Defensive Investing Sends Small-Cap ETFs Down]

Many investors keep an eye on small-cap ETFs such as iShares Russell 2000 (NYSEArca: IWM) because they have led the way during much over the rally in risk assets since the March 2009 bottom.

The iShares small-cap fund vaulted more than 2% on Tuesday. [Stock ETFs Rally with Adobe, Greece in Focus]

After today’s move higher, the 200-day moving average at $77.42 a share now becomes support.