In recent weeks, the technical charts for the five major U.S. averages and for India's Nifty 50 have been deteriorating. Meanwhile, the technicals for Japan's Nikkei 225, China's Shanghai Composite and the German DAX have been improving. Even so, the Nikkei 225 and the German DAX remain in correction territory, while the Shanghai Composite remains deep in bear market territory.

Since setting their 2016 lows in the first half of 2016, three of the five U.S. averages are in bull market territory as is the Nifty 50 and German DAX. The Dow and S&P 500 have slipped below the bull market threshold this week. Meanwhile, the Nikkei 225 and Shanghai Composite have not rebounded enough to be in bull market territory. To be in bull market territory an index needs to be 20% or more above its recent low.

These changing dynamics are an indication that global investors are shifting assets from the U.S. to Japan, China and Germany, given the political landscape in the U.S., and the possibility that the Federal Reserve will soon raise rates.

In the U.S., the Dow Jones Industrial Average, S&P 500, Nasdaq, Dow transports and Russell 2000 will to have negative weekly charts if they close Friday below key moving averages of 18,215.92, 2146.35, 5,230.47, 7,975.34 and 1,219.49, respectively. Dow transports is the only one that is above its key weekly moving average.

Here's this week's scorecard for the nine major global equity averages.

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The weekly charts show a red line through the price bars, which is the key weekly moving average (a five-week modified moving average). The green line is the 200-week simple moving average considered the "reversion to the mean."

The study in red along the bottom of the chart is weekly momentum (a 12x3x3 weekly slow stochastic), which scales between 00.00 and 100.00, where readings above 80.00 indicates overbought and readings below 20.00 indicates oversold. A negative weekly chart shows the stock below its key weekly moving average with weekly momentum declining below 80.00 in a trend towards 20.00.

Stochastic readings have been helping investors judge when to reduce long positions. The 12x3x3 weekly slow stochastic is based upon the last 12 weeks of data -- each week's high, low and last prices. This measure of momentum rises as new weekly highs continue, with the last prices closer to the highs. When this pattern changes and weekly last prices are closer to the lows, the stochastic reading begins to decline providing an early warning to reduce holdings.

Here's the weekly chart for Japan's Nikkei 225.

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Courtesy of MetaStock Xenith

The Nikkei 225 ended the week at 17,446.41, down 8.3% year to date and 17.4% above its 2016 low of 14,864.01 set on June 24. Japan's benchmark is in correction territory 16.7% below its multiyear high of 20,952.71 set on June 24, 2015.

The weekly chart for Japan's Nikkei 225 is positive with the average above its key weekly moving average of 16,913.65 and is above its 200-week simple moving average of 16,200.42. This average was last tested as its "reversion to the mean" during the week of July 15 when the average was 15,637.02. The weekly momentum reading ended the week at 80.59 up from 76.41 on Oct. 21, becoming overbought above the 80.00 threshold.

Here's the weekly chart for China's Shanghai Composite.

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Courtesy of MetaStock Xenith

The Shanghai Composite ended the week at 3,104.27, down 12.3% year to date and 17.7% above its 2016 low of 2,638.30 set on Jan. 27. Japan's benchmark is deep in bear market territory 40.1% below its multiyear high of 5,178.19 set on June 12, 2015.

The weekly chart for China's Shanghai Composite is positive with the index above its key weekly moving average of 3,059.01 and well above its 200-week simple moving average of 2,755.22. This average stayed above its "reversion to the mean" during the week of March 4 when the average was 2,623.41. The weekly momentum reading ended the week at 63.87 up from 58.78 on Oct. 21.

Here's the weekly chart for India's Nifty 50.

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Courtesy of MetaStock Xenith

The Nifty 50 ended the week at 8,638.00, up 8.7% year to date and in bull market territory 26.5% above its 2016 low of 6,825.80 set on Feb. 29. India's benchmark is 5.3% below its multiyear high of 9.119.20 set on March 4, 2015.

The weekly chart for India's Nifty 50 is negative with the average above its key weekly moving average of 8,663.35 and above its 200-week simple moving average of 7,387.69. The "reversion to the mean" held during the week of March 4 when the average was 6,904.80. The weekly momentum reading ended the week at 42.63 down from 50.02 on Oct. 21.

Here's the weekly chart for Germany's Deutsche Boerse DAX.

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Courtesy of MetaStock Xenith

The German DAX was at 10,665.81 early Friday, down just 0.7% year to date and in bull market territory 22.6% above its 2016 low of 8,699.29 set on Feb. 11. Germany's benchmark is in correction territory 13.9% below its multiyear high of 12.390.75 set on April 10, 2015.

The weekly chart for the German DAX is positive with the index above its key weekly moving average of 10,560.31 and is above its 200-week simple moving average of 9,704.34. This "reversion to the mean" last held during the week of July 8 when the average was 9,454.31. The weekly momentum reading is projected to end the week at 75.64 up from 74.56 on Oct. 21.

Here's the weekly chart for the Dow Jones Industrial Average.

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Courtesy of MetaStock Xenith

The Dow 30 closed Thursday at 18,169.68, up 4.3% year to date and 17.6% above its Jan. 20 low of 15,450.56. This average is just 2.7% below the all-time intraday high of 18,668.44 set on Aug. 15.

The weekly chart for the Dow 30 remains negative with the average below its key weekly moving average of 18,215.92 and well above the 200-week simple moving average of 16,724.58. This "reversion to the mean" was last tested during the week of Feb. 12 when the average was 15,819.45. The weekly momentum reading is projected to end the week at 39.17 down from 45.26 on Oct. 21.

Here's the weekly chart for S&P 500.

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Courtesy of MetaStock Xenith

The S&P 500 closed Thursday at 2,133.04, up 4.4% year to date and 17.8% above its Feb. 11 low of 1,810.10. This average is just 2.8% below the all-time intraday high of 2,193.81 set on Aug. 15.

The weekly chart for the S&P 500 remains negative with the average below its key weekly moving average of 2,146.35. The average is above its 200-week simple moving average of 1,921.35. The weekly momentum reading is projected to end the week at 44.75 down from 53.84 on Oct. 21.

Here's the weekly chart for the Nasdaq Composite.

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Courtesy of MetaStock Xenith

The Nasdaq closed Thursday at 5,215.97, up 4.2% year to date and in bull market territory 23.9% above its Feb. 11 low of 4,209.76. This average is just 2.4% below the all-time intraday high of 5,342.88 set on Sept. 22.

The weekly chart for the Nasdaq will be downgraded to negative given a close on Friday below its key weekly moving average of 5,230.42. The index is well above its 200-week simple moving average at 4,425.87. The weekly momentum reading is projected to end the week at 71.03 down from 79.23 on Oct. 21.

Here's the weekly chart for the Dow Jones Transportation Average.

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Courtesy of MetaStock Xenith

Dow transports closed Thursday at 8014.96, up 6.7% year to date and in bull market territory 25.2% above its Jan. 20 low of 6,403.21. This average remains in correction territory 13.9% below the all-time intraday high of 9,310.33 set on Nov. 28, 2014.

The weekly chart for transports will be downgraded to negative given a close on Friday below its key weekly moving average of 7,975.34 and above its 200-week simple moving average at 7,649.80. This "reversion to the mean" was last tested during the week of July 8 when the average was 7,421.76. The weekly momentum reading projected to end the week at 77.24 down from 79.98 on Oct. 21, falling below the overbought threshold of 80.00.

Here's the weekly chart for the Russell 2000.

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Courtesy of MetaStock Xenith

The Russell 2000 closed Thursday at 1,189.94, up 4.8% year to date and in bull market territory 26.2% above its Feb. 11 low of 943.10. This average is 8.2% below its all-time intraday high of 1,296.00 set on June 23, 2015.

The weekly chart for Russell 2000 is negative with the index below its key weekly moving average of 1,219.49 and above its 200-week simple moving average of 1,127.09. This "reversion to the mean" was last tested during the week of July 1 when the average was 1,093.25. The weekly momentum reading is projected to decline to 47.23 this week down from 62.07 on Oct. 21.

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