84.7791.4796.03

94.5695.9197.89

96.6070.3998.05

98.4584.1381.84

99.1192.0988.10

Above are the RSI-2 end of day values for the RUT, SPX, and NDX for the last 5 days (today's values are as of about 3:40) I look at this as a 5 day low to high RSI-2 pattern. Statistically most of these patterns last 3-5 days in length and then reverse. 

The last time RUT was above 99% was back on March 7th which was the 6th day of a low to high pattern. It then declined the following day with the RUT losing some 2.4%. Prior to this 99% reading in March RUT's previous 99% reading goes back to three 99% days in a row in late February of 2015. These days were the 9th, 10th, and 11th days of a low to high pattern (quite unusual in my years of data)

My 60 min RUT chart remains significantly overbought on a short-term basis - but this has happened several times recently with no real sell off yet. My short-term TRIN chart is also providing a new SHORT signal today. The 60 min RUT chart currently has a short-term ADX-2 reading of 90 or above as we approach the close (same as yesterday). Typically there is at least some pullback the next day if this ADX closes at this 90% level.