The Dow Jones Industrial AverageI:DJI , S&P 500 I:GSPC , Nasdaq Composite I:IXIC , Dow Transports and the Russell 2000 all have positive but overbought weekly charts. All-time intraday highs were set at 19,999.63 for the Dow 30 and 2,282.10 for the S&P 500 on Jan. 6.

The Nasdaq set its all-time intraday high of 5,584.36 on Jan. 13. The Nasdaq 100 set its all-time intraday high of 5,085.34 on Jan. 20, as Donald J. Trump was being inaugurated as the 45th president.

The Dow Transports and Russell 2000 continue to lag their all-time intraday highs of 9,490.29 and 1,392.71, respectively, set on Friday Dec. 9.

The Dow Jones Industrial Average has monthly and quarterly value levels at 19,482 and 18,300, respectively, with a weekly risky level of 20,397. Semiannual risky levels are 20,893 and 22,148 with an annual risky level in-between at 22,041. My annual value level is 15,111, which is 24% below 20K.

The S&P 500 has a quarterly value level is 2,141.2 with a monthly pivot of 2,270.5, and weekly risky level of 2,299.2. Semiannual risky levels are 2,492.4 and 2,608.9 with an annual risky level in-between at 2,537.9. My annual value level is 1,676.1 is 26% below the high.

The Nasdaq has a quarterly value level at 5,335 with a weekly pivot at 5,532 and monthly risky level of 5,619. Semiannual risky levels are 5,946 and 6,387 with an annual risky level in-between at 6,253. My annual value level is 4,331 is 22% below the high.

Dow Transports has a monthly value level at 8,621 with a weekly risky level of 9,314, which is below the all-time high. Semiannual risk levels are 9,980 and 10,713, with an annual risky level in-between at 10,167. Annual and quarterly value levels are 7,910 and 7,243, respectively, which is a maximum decline of 24%.

The Russell 2000 has a quarterly value level is 1,234.21 with a monthly pivot at 1,367.34 and weekly risky level of 1,372.44, which is below the all-time high. Semiannual risky levels are 1,487.52 and 1,549.50, with my annual risky level of 1,548.95. My annual value level is 1,091.77 is 22% below the high.

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 trades at $198, up just 0.2% in the first three weeks of 2017. No new high, as the all-time intraday high of $199.83 was set on Dec. 14 and matched on Jan. 6. This ETF is in bull market territory 28.2% above its Jan. 20, 2016, low of $154.38.

The weekly chart for Diamonds is positive but overbought with the ETF above its key weekly moving average of $195.95 and well above its 200-week simple moving average of $170.29. The weekly momentum reading rose to 93.34 last week up from 92.62 on Jan. 13, moving further above the overbought threshold of 80.00.

Investors looking to buy Diamonds should do so on weakness to $194.66, which is a key level on technical charts until the end of January. A lower value level is $182.90, in play until the end of March. Investors looking to reduce holdings should do so on strength to $203.88 and $208.59, which are key levels on technical charts until the end of this week, and the end of June, respectively.

My annual value level lags at $150.83 with annual and semiannual risky levels of $220.14 and $221.34, respectively.

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

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Spiders trade close to $227, up 1.4% in the first three weeks of 2017. No new high as the all-time intraday high of $228.34 was set on Dec. 13. This ETF is in bull market territory 25.3% above its Jan. 20, 2016 low of $181.02.

The weekly chart for Spiders is positive but overbought with the ETF above its key weekly moving average of $224.23 and above its 200-week simple moving average of $196.40. The weekly momentum reading up-ticked to 88.02 last week up from 85.39 on Jan. 13, with both readings well above the overbought threshold of 80.00.

Investors looking to buy Spiders should do so on weakness to $213.62, which is a key level on technical charts until the end of March. I show a monthly pivot of $227.04, which was crossed in each week so far in 2017. Investors looking to reduce holdings should consider selling strength to $229.19, which is a key level on technical charts until the end of this week.

My annual value level lags at $167.75 with annual and semiannual risky levels of $253.37 and $260.40, respectively.

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

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QQQ trades near $123, up a solid 4% in the first three weeks of 2017 on my theme of technology strength. QQQ set its all-time intraday high of $123.25 on Jan. 20. This ETF is in bull market territory 30% above its Feb. 8, 2016 low of $94.84.

The weekly chart for QQQ is now positive but overbought with the ETF above its key weekly moving average of $120.52. The ETF is above its 200-week simple moving average of $99.21. The weekly momentum reading rose to 85.25 last week up from 79.76 on Jan. 13, and will be above the overbought threshold of 80.00.

Investors looking to buy QQQ should consider buying weakness to $118.68, which is a key level on technical charts until the end of March. I show that $122.33 as a pivot or magnet for this week. Investors looking to reduce holdings should consider doing so on strength to $125.33, which is a key level on technical charts until the end of January.

My annual value level lags at $98.20 with semiannual and annual risky levels of $139.27 and $139.42, respectively.

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

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The transports ETF trade at $166, up 2.1% in the first three weeks of 2017. The ETF is 2.9% below its all-time intraday high of $171.16 set on Dec. 9, 2016. This ETF is in bull market territory 44.6% above its Jan. 20, 2016, 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 $162.88, which held on weakness the past two weeks. The ETF is above its 200-week simple moving average of $140.51. The weekly momentum reading slipped to 79.98 last week down from 80.25 on Jan. 13, so this reading rounds to the overbought threshold of 80.00, and will like fall below 80.00 this week.

Investors looking to buy the transportation ETF should consider doing so on weakness to $155.40 and $130.09, which are key levels on technical charts until the end of January and the end of March, respectively. Investors looking to reduce holdings should do so on strength to $170.17 and $182.54, which are key levels on technical charts until the end of this week and the end of 2017, respectively.

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

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The small-cap ETF closed Friday at $134, slipping 0.3% in the first three weeks of 2017. This ETF is 3.2% below its all-time intraday high of $138.82 set on Dec. 9, 2016. This ETF is in bull market territory 43.6% above its Feb. 11, 2016, 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 $133.72 and above its 200-week simple moving average of $114.49. This ETF traded below its key weekly moving average during last week, but closed above it. The weekly momentum reading slipped to 86.24 last week down from 86.37 on Jan. 13. This chart will be negative at the end of this week given a weekly close below $133.72 if momentum falls below the overbought threshold of 80.00.

Investors looking to buy this ETF should do so on weakness to $122.73, which is a key level on technical charts until the end of March. The $136.03 level should continue to be a magnet in January, as it has been during the first three weeks of the year. Investors looking to reduce holdings should do so on strength to $139.74, which is a key level on technical charts for this week only. The $154.12 and $154.33 are key levels on technical chart until the June and the end of 2017, respectively.

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