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The weekly charts for the Dow Jones Industrial AverageI:DJI , S&P 500 undefined , Nasdaq Composite I:IXIC , Dow Transports and the Russell 2000 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 and Nasdaq 100 set their all-time intraday highs of 5,584.26 and 5,066.95, respectively, on Jan. 13.

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.

Here's the risk/reward by the key levels:

The Dow Jones Industrial Average has monthly and quarterly value levels at 19,482 and 18,300, respectively, with a weekly risky level of 20,544. Semiannual risky levels are 20,893 and 22,148 and 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 2,318.5. 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 5,579 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 9,457. 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 1,407.46. Semiannual risky levels of 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 SPDR Dow Jones Industrial Average ETF Trust Report , aka Diamonds.

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Courtesy of MetaStock Xenith

Diamonds trade at $199, up 0.6% in the first two 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 28.7% 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 $195.44 and well above its 200-week simple moving average of $170.03. The weekly momentum reading rose to 92.62 last week up from 91.89 on Jan. 6, 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 $205.40 and $208.59, which are key levels on technical charts until the end of this week, and the end of June, respectively.

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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 SPDR S&P 500 ETF Trust Report , aka Spiders.

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Courtesy of MetaStock Xenith

Spiders trades at $227, up 1.6% in the first two 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 25.4% 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 $223.61 and above its 200-week simple moving average of $196.05. The weekly momentum reading up-ticked to 85.39 last week, up from 84.12 on Jan. 6, 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 both weeks of 2017. Investors looking to reduce holdings should consider selling strength to $231.12, 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 Invesco QQQ Trust Report , dubbed QQQ.

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Courtesy of MetaStock Xenith

QQQ trades at $123, up a solid 4% in the first two weeks of 2017 on my theme of technology strength. QQQ set its all-time intraday high of $123.37 on Jan. 13. This ETF is in bull market territory 29.9% above its Feb. 8, 2016, low of $94.84.

The weekly chart for QQQ is positive with the ETF above its key weekly moving average of $119.84. The ETF is above its 200-week simple moving average of $98.93. The weekly momentum reading rose to 79.76 last week up from 76.88 on Jan. 6, and will become overbought this week.

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 $122.80 should be 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 iShares US Transportation ETF Report .

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Courtesy of MetaStock Xenith

The transports ETF trades around $165.50, up 1.7% in the first two weeks of 2017. The ETF is 3.3% below its all-time intraday high of $171.16 set on Dec. 9, 2016. This ETF is in bull market territory 44.1% 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 $162.05, which held on weakness last week. The ETF is above its 200-week simple moving average of $140.23. The weekly momentum reading slipped to 80.25 last week down from 82.43 on Jan. 6, and could fall below the overbought threshold of 80.00 on Inauguration Day.

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 $182.54, which is a key level on technical charts until the end of 2017.

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

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Courtesy of MetaStock Xenith

The small-cap ETF trades around $136, up 1% in the first two weeks of 2017. This ETF is 1.8% below its all-time intraday high of $138.82 set on Dec. 9, 2016. This ETF is in bull market territory 45.5% 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 $133.54 and above its 200-week simple moving average of $114.29. The weekly momentum reading ended last week at 86.37 versus 86.28 on Jan. 6, with both readings well above 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 two weeks of the year. Investors looking to reduce holdings should do so on strength to $142.07, 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.