The weekly charts for the Dow Jones Industrial AverageI:DJI , S&P 500 I:GSPC and Russell 2000 remain negative. The weekly chart for the Nasdaq Composite I:IXIC shows momentum declining below the overbought threshold 80.00. The Nasdaq 100 remains overbought.

The weekly chart for Dow Transports remains positive but overbought, but momentum will likely decline below the overbought threshold this week. 

Investors should continue to read the weekly charts, especially in a week when earnings are expected from momentum stocks Apple  (AAPL) - Get Report , Alibaba (BABA) - Get Report , Amazon.com (AMZN) - Get Report and Alphabet (GOOGL) - Get Report .

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 market below its key weekly moving average with weekly momentum declining below 80.00 in a trend towards 20.00.

Remember that stochastic readings can help 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 and with the last prices closer to the highs. When this pattern changes and weekly last prices are closer to the lows, the stochastic reading will begin to decline providing an early warning to reduce holdings.

This is what's happening when you look at the weekly charts for the exchange-traded funds that best represent the five major U.S. equity averages.

Here's the weekly chart for the SPDR Dow Jones Industrial Average ETF (DIA) - Get Report , aka Diamonds.

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Courtesy of MetaStock Xenith

Diamonds trades around $181, up 4.2% year to date after setting its all-time intraday high of $186.88 on August 15.

The weekly chart for Diamonds is negative with the exchange-traded fund below its key weekly moving average of $182.10 and well above its 200-week simple moving average of $166.78. The weekly momentum reading fell to 42.72 last week down from 50.43 on Oct. 14.

Investors looking to buy Diamonds should do so on weakness to $180.16, which is a key level on technical charts for this week. Investors looking to reduce holdings should do so on strength to $183.08, which remains in play until the end of 2016. Keep in mind that volatility beyond the $180.16 to $183.08 range are my annual value level of $145.61 and monthly risky level of $193.30.

Here's the weekly chart for SPDR S&P 500 ETF Trust (SPY) - Get Report , aka Spiders.

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Courtesy of MetaStock Xenith

Spiders trades close to $214, up 5% year to date and set its all-time intraday high of $219.60 on August 23.

The weekly chart for Spiders is negative with the ETF below its key weekly moving average of $214.78 and well above its 200-week simple moving average of $191.80. The weekly momentum reading fell to 49.42 down from 58.59 on Oct. 14.

Investors looking to buy Spiders should consider buying weakness to $212.37, which is a key level on technical charts for this week. investors looking to reduce holdings should consider selling strength to $216.55, which remains in play until the end on 2016. Keep in mind that volatility beyond the $212.37 to $216.55 range are my annual value level of $163.38 and monthly risky level of $226.66.

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Here's the weekly chart for the PowerShares QQQ Trust ETF (QQQ) - Get Report , dubbed QQQ.

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Courtesy of MetaStock Xenith

QQQ trades near $118, up 5.6% year to date after setting an all-time intraday high of $119.48 on Oct. 10.

The weekly chart for QQQ remains positive but overbought with the ETF above its key weekly moving average of $117.18 and well above its 200-week simple moving average of $95.85. The weekly momentum reading remains overbought at 83.70 down from 87.27 on Oct. 14, getting closer to falling below the overbought threshold of 80.00.

Investors looking to buy QQQ should consider buying weakness to the 200-day simple moving average of $109.87. Key weekly, monthly and quarterly levels are $118.25, $119.06 and $119.81, respectively. The volatility beyond the $118.25 to $119.81 range are my annual value level of $96.72 and semiannual risky level of $145.56.

Here's the weekly chart for the iShares Transportation Average ETF (IYT) - Get Report .

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Courtesy of MetaStock Xenith

The transports ETF trades around $144, up 7.1% year to date. Dow transports remain in correction territory 13.8% below its all-time intraday high of 9,310.33 set on Nov. 28, 2014.

The weekly chart for the transportation ETF is positive but overbought with the ETF above its key weekly moving average of $143.23 and above its 200-week simple moving average of $136.85. The weekly momentum reading ended last week at 80.09 down from 82.35 on Oct. 14, and will likely be declining below the overbought threshold of 80.00 this week.

Investors looking to buy the transportation ETF should consider doing so on weakness to $139.62 and $136.24, which are key levels on technical charts until the end of 2016. Investors looking to reduce holdings should do so on strength to $146.07, which is the April 20 high.

Here's the weekly chart for the iShares Russell 2000 ETF (IWM) - Get Report .

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Courtesy of MetaStock Xenith

The small-caps ETF trade at $121, up 7.5% year to date and set its 2016 high of $125.88 on Sept. 23.

The weekly chart for the small-cap ETF is negative with the ETF below its key weekly moving average of $11.93 and well above its 200-week simple moving average of $111.81. The weekly momentum reading declined to 60.00 down from 72.53 on Oct. 14.

Investors looking to buy this ETF should do so on weakness to $103.68 which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should do so on strength to $127.25, which is a key level on technical charts until the end of 2016.

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