S+P 500 record gains push index into overbought territory

Yesterday the S+P 500 did rise above 5,600 and it did not look back once it surpassed that level. The gains extended to a new all time record high at 5,635.39. It later closed almost on that high, when ending the session with a new record daily close, at 5,633.91. Some months ago an update here noted the potential for the index to push towards 6,000 over time once it busted above 4,850. Well, as you can see it has been riding that wave 5 extension for most of the time since then. However, right now from a technical perspective, it has forced its way into overbought territory in the short term. The 14 day Relative Strength Index (RSI) is now above 80, but that does not mean the index might immediately reverse. It could extend the current gains, but if that RSI gets above 90 then the situation might become more immediately critical. Right now that is not on the radar and the index futures are not much changed the morning, currently indicating a reopening around 5,631