NEW YORK (TheStreet) -- Since March of this year the Russell 2000 index is the only indicator that is trading at a notable positive level.

Keith Bliss, Director of Sales and Marketing for Cuttone & Co., thinks that the Russell 2000 is the most important index in today's equity environment.

"What we have noticed is a lot of investor flows coming into the IWM, which is the ETF which mirrors the index, and the index itself is traded above some very important technical levels," Bliss said on CNBC's "Closing Bell" Friday.

Despite what he calls "cognitive dissonance" on the NYSE trading floor, Bliss says the Russell 2000 is in a "very strong bullish pattern." Despite not reaching its all-time high, Bliss believes the Russell 2000 will continue to rise and bring the Dow Jones Index and the S&P 500 up with it. 

The best performer since U.S. markets bottomed on June 27th, after the U.K. referendum to leave the European Union, Bliss noted that the Russell 2000 is up "almost 12% since that day."

"Take that number on July 15th and analyze that for your return and that's nothing short of breath-taking performance," Bliss added.