The weekly charts for the Dow Jones Industrial AverageI:DJI , S&P 500 I:GSPC , Nasdaq Composite I:IXIC , Dow Transports and the Russell 2000 ended last week positive, with overbought conditions spreading among the five major equity averages.

The Dow 30, S&P 500 and Nasdaq set all-time intraday highs of 19,966.43, 2.277.53 and 5.486.75, respectively, last week, but Transports and Russell 2000 set all-time intraday highs of 9,490.29 and 1,392.71, respectively, on Friday Dec. 9. The Nasdaq 100 set its all-time high of 4,960.48 on Dec, 13.

Here's how to trade these markets using exchange-traded finds.

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

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Diamonds closed Friday at $198.19, up 13.9% year to date and set its all-time intraday high of $199.83 on Dec. 14. This ETF is in bull market territory 28.4% above its Jan. 20 low of $154.38.

The weekly chart for Diamonds is positive but overbought with the ETF above its key weekly moving average of $190.72 and well above its 200-week simple moving average of $168.90. The weekly momentum reading rose to 86.20 last week up from 81.24 on Dec. 9, moving further above the overbought threshold of 80.00.

Investors looking to buy Diamonds should do so on weakness to $189.82, which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should do so on strength to $199.69 and $204.48, which are key levels on technical charts until the end of this week and the end of 2016, respectively.

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

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Spiders closed Friday at $225.04, up 10.4% year to date and set its all-time intraday high of $228.34 on Dec. 13. This ETF is in bull market territory 24.3% above its Jan. 20 low of $181.02.

The weekly chart for Spiders is positive but overbought with the ETF above its key weekly moving average of $220.02 and above its 200-week simple moving average of $194.60. The weekly momentum reading rose to 80.93 last week up from 76.02 on Dec. 9, moving above the overbought threshold of 80.00.

Investors looking to buy Spiders should do so on weakness to $216.55, which is a key level on technical charts until the end of 2016. The $223.33 level should be a pivot or magnet until the end of December. Investors looking to reduce holdings should consider selling strength to $239.86 and $245.56, which are key levels on technical charts until the end of 2016.

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

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QQQs closed Friday at $119.60, up 6.9% year to date, and set its all-time intraday high of $121.11 on Dec. 15. This ETF is in bull market territory 26.1% above its Feb. 8 low of $94.84.

The weekly chart for QQQs is positive with the ETF above its key weekly moving average of $117.74. The ETF is above its 200-week simple moving average of $97.87. The weekly momentum reading rose to 64.92 last week up from 61.71 on Dec. 9.

Investors looking to buy QQQs should consider buying weakness to $116.75, which is a key level on technical charts until the end of this week. Monthly and quarterly pivots are $118.80 and $119.81. Investors looking to reduce holdings should consider doing so on strength to $124.65 and $125.96, which are key levels on technical charts until the end of 2016.

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

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The transports ETF closed Friday at $165.43, up 22.8% year to date, and set its all-time intraday high of $171.16 on Dec. 9. This ETF is in bull market territory 44% above its Jan. 20 low of $114.91.

The weekly chart for the transportation ETF is positive but overbought with the ETF above its key weekly moving average of $158.63 and above its 200-week simple moving average of $139.11. The weekly momentum reading slipped to 92.58 last week down from 93.33 on Dec. 9, becoming less above the overbought threshold of 80.00.

Investors looking to buy the transportation ETF should consider doing so on weakness to $149.02, which is a key level on technical charts until the end of December. Investors looking to reduce holdings should do so on strength to $169.38, which is also a key level until the end of this week.

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

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The small caps ETF closed Friday at $135.91, up 20.7% year to date, after setting its all-time intraday high of $138.82 on Dec. 9. This ETF is in bull market territory 45.4% above its Feb. 11 low of $93.64.

The weekly chart for the small cap ETF is positive but overbought with the ETF above its key weekly moving average of $130.35 and above its 200-week simple moving average of $113.43. The weekly momentum reading rose to 83.58 this week up from 80.52 on Dec. 9, moving further above the overbought threshold of 80.00.

Investors looking to buy this ETF should do so on weakness to $132,25, which is a key level on technical charts until the end of December. Investors looking to reduce holdings should do so on strength to $143.08, which is a key level on technical chart 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.