Despite a tumultuous environment for riskier assets in recent weeks, the iShares Russell 2000 ETF (NYSEArca: IWM) printed a new 52-week on above average volume Tuesday. IWM, home to $28.2 billion in assets under management, has jumped 6.7% in the past month, but with the fund up 24.3% year-to-date, small-caps may appear overbought.

The opposite could prove true because although small-caps typically lead at the start of market rallies, IWM and rival funds have been delivering to the upside for the bulk of this year. Market experts consider the out-performance a bullish indicator for the overall market since small-caps are believed to be a good gauge for the domestic economy. [Small-Cap ETF Rally Could Lead Stocks Higher]

The good news IWM is showing some bullish technicals and that could turn out to be good news for at least one risky but lucrative leveraged ETF. Technical analyst Deron Wagner of Morpheus Trading Group noted the Russell 2000, IWM’s underlying index printed a bullish reversal candlestick on Monday.

That could be a sign nimble traders should consider the Direxion Daily Small Cap Bull 3X Shares (NYSEArca: TNA). TNA is the triple-leveraged equivalent of IWM, meaning if the Russell 2000 rises 1% in a given day, TNA should gain 3%.

“If the uptrend in the small-cap Russell 2000 resumes in the coming days, bullish momentum could easily spark a sharp, multi-week advance in small-cap stocks. As such, a long position in TNA would be ideal to take advantage of such a fast-paced move,” wrote Wagner.