Adam,
When I trade mean-reversion strategies, an excellent indicator is powerratings from tradingmarkets.com
http://pr.tradingmarkets.com/
I can't access it right now, but you have access to 5 free tickers a day. Try IWM, chart it and see that the signals have been perfect. However my experience is that it leads you to huge drawdowns at trend reversal/inflection points, just like happened in early September 2010 when it took 3 weeks after the start of the rally for the overbought/sell signals to disappear.
Billy