On my 60 minute chart one of the indicators I watch for is a "squeeze pattern" derived from the combination of two indicators. The PPO with a 12,26,3 formula, and the ADX-7.

When the ADX 7 achieves a value above 60 on the 60 min RUT chart, the statistical odds increase that a short-term reversal is likely. So far in 2017, each time the ADX-7 has gone over the 60 level, a reversal has followed in the near future. In today's case, this is the 7th time that ADX-7 has gone over 70% - increasing further the short-term odds of a near term reversal.

The previous dates in 2017 where ADX-7 has gone over 70% are Jan25th, Feb 13th, Mar 31st, April 25th, Aug 18th, Sept 1st, Sept 13th

This is the 14th time in 2017 the ADX-7 has gone above 60 on the 60 min RUT chart, and the 8th time this year it has signaled a potential reversal to the downside. 

Of course, the ADX-7 indicator does NOT signal a long or short possibility - it is simply an indication of the current strength of the underlying short-term move in the index or stock. In this case the PPO indicator determines if the current short-term trend is overbought or oversold. Today the PPO for the RUT index is at a position above +0.40 and has experienced an internal line crossover to the downside. So, this squeeze pattern would indicate a potential move to the downside.

In addition to this current RUT "squeeze pattern", the 60 min RSI-14 and RSI-21 indicators are both above the 70% line. This pattern doesn't occur very often from a statistical basis. The 60 min ULT 7,14,28 indicator is also above the upper 70 line for a second straight day. 

The daily RSI-2 for RUT is currently at 96.54%. But at the beginning of September it took 2 days above 99.6% to finally trigger a short-term reversal.