March came in like a lion as the bulls pushed the Dow Jones Industrial Average I:DJI , the S&P 500undefined , Nasdaq CompositeI:IXIC , Dow Transports and Russell 2000 to all-time intraday highs of 21,169.11, 2,400.98, 5,911.79, 9,639.33 and 1,414.82, respectively, on March 1. Dow Transports and Russell 2000 face downgrades to negative weekly charts. 

Overseas, the Nikkei 225, Shanghai Composite, Nifty 50 and German DAX remain below their 2015 highs, and the Nikkei 225 faces a downgrade.

This Week's Global Scorecard.

Image placeholder title

Longer-Term Global Scorecard--Covers pre-crash of 2008 highs, March 2009 lows, recent all-time or multiyear intraday highs.

Image placeholder title

This chart shows the downside risks to pre-crash highs, to the March 2009 lows, given negative market surprises. Factors that could cause the global bull market to end:

  • Delays in repeal and replacement of Obamacare.
  • Debate on raising the debt ceiling.
  • Negative surprise concerning intelligence investigations.
  • Arguments on how to pay for infrastructure spending, border wall.
  • Continued sharp decline in oil prices.
  • A Fed rate high on March 15 with guidance of more to come.
  • Surprises from banking system data found in FDIC Quarterly Banking Profile.

Japan's Nikkei 225

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart will be downgraded to negative on a close on Friday below its key weekly moving average of 19,232.04. Weekly momentum is projected to decline to 72.80, below the overbought threshold of 80.00. My quarterly value level is 18,744 with monthly, with annual and semiannual risky levels of 20,432, 20,169 and 24,195, respectively.

China's Shanghai Composite

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart is positive with the index above its key weekly moving average of 3,193.75. Weekly momentum is projected to rise to 69.54 this week. My monthly, quarterly, semiannual and annual risky levels are 3,330, 3,379, 3,582 and 3,879, respectively.

India's Nifty 50

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart remains positive but overbought with the average above its key weekly moving average of 8,738.21. Weekly momentum is projected to rise to 90.03 this week, above the overbought threshold of 80.00. My quarterly value level is 8,109 with a monthly pivot of 8,910 and semiannual and annual risky levels of 9,431 and 10,545, respectively.

Germany's Deutsche Boerse DAX

Image placeholder title

TheStreet Recommends

Courtesy of MetaStock Xenith

The weekly chart remains positive but overbought with the average above its key weekly moving average of 11,751.29. Weekly momentum is projected to end the week at 88.98, above the overbought threshold of 80.00. My quarterly pivot is 11,624 with monthly, semiannual and annual risky levels of 12,415, 12,716 and 12,844, respectively.

Dow Jones Industrial Average

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart remains positive but overbought with the average above its key weekly moving average of 20,452,02. Weekly momentum is projected to end the week at 94.04, above the overbought threshold of 80.00. My quarterly value level is 18,300 with monthly and semiannual pivots of 20,661 and 20,893, respectively. Annual and semiannual risky levels are 22,042 and 22,148, respectively. My annual value level lags at 15,111.

S&P 500

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart remains positive but overbought with the average above its key weekly moving average of 2,329.53. Weekly momentum is projected to end the week at 94.24, above the overbought threshold of 80.00. My quarterly value level is 2,141.2 with a monthly pivot of 2364.0, and semiannual risky levels of 2,492.4 and 2,608.9, with my annual risky level at 2,537.9. My annual value level lags at 1,676.1.

Nasdaq Composite

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart remains positive but overbought with the average above its key weekly moving average of 5,734.59. Weekly momentum is projected end the week at 95.16, above the overbought threshold of 80.00. My quarterly value level is 5,335 with a monthly risky level of 6,017 and semiannual risky levels at 5,946 and 6,387, with my annual risky level at 6,253. My annual value level is 4,331.

Dow Jones Transportation Average

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart will shift to negative given a close on March 10 below its key weekly moving average of 9,306.44. Weekly momentum is projected to end the week at 75.41, falling below the overbought threshold of 80.00. Monthly and semiannual risk levels are 9,830 and 9,980, respectively. Annual and quarterly value levels are 7,910 and 7,243, respectively, with annual and semiannual risky levels of 10,167 and 10,713, respectively.

Russell 2000

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart will shift to negative given a close on March 10 below its key weekly moving average of 1,375.00. Weekly momentum is projected to close this week at 78.63, below the overbought threshold of 80.00. My quarterly value level is 1,234.21, with monthly and semiannual risky levels of 1,451.98 and 1,487.52, respectively. My annual value level is 1,091.77 with annual and semiannual risky levels at 1,548.95 and 1,549.50, respectively.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.