Investors seeking market exposure to the housing market, the banking system and infrastructure spending can do so without picking stocks by trading three exchange-traded funds.

The iShares U.S. Construction ETF (ITB) - Get Report has 44 components involved in home construction heavily-weighted to homebuilder stocks. There are several components that will benefit from infrastructure spending as they provide construction materials.

The iShares U.S. Regional Banks ETF (IAT) - Get Report has 54 components that are considered regional banks, but does not include the four "too big to fail" money center banks. The largest holdings in this ETF include five of the major regional banks that focus on consumer real-estate lending on Main Street USA.

The First Trust NASDAQ ABA Community Bank Index Fund (QABA) - Get Report has 160 components smaller publicly-traded banks. These are the banks that fund construction and development loans and commercial real estate loans for new communities and strip malls.

Before we look at the weekly charts and key levels for these ETFs, let's look at the most recent housing market data.

Here's the latest S&P Core Logic Case-Shiller Indices.

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The 20-City Composite had a year-over-year seasonally-adjusted rise of 5.6% in December up from 5.3% in November. The seasonally-adjusted month-over-month gain was 0.9% in December the same as in November. From the July 2006 peak to the March 2012 trough, prices were down 35.1%. From the trough to the current level home prices are up an unsustainable 43.7% and just 6.7% below the peak.

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This chart above shows sales of newly built single-family home sales for January totaled a seasonally-adjusted 555,000, up 3.7% from the revised rate of 535,000 in December. This chart clearly shows that the sales pace for new homes is significantly below potential. 

The National Association of Home Builders reported that the inventory of new homes for sale totaled 265,000 in January, a 5.7-month supply. The median sale price of a new home was reported at $312,900, down from $322,500 in December.

Scorecard for the three ETFs:

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The weekly charts below show a red line through the price bars, which is the key weekly moving average (a 5-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 charts 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. A positive weekly chart shows the stock above its key weekly moving average with weekly momentum rising above 20.00 in a trend towards 80.00.

Home construction ETF

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Courtesy of MetaStock Xenith

The construction ETF closed Tuesday at $30.47, up 10.9% year to date and in bull market territory 21.1% from its post-election low of $25.16 set on Nov. 9. ITB set a multiyear intraday high of $30.67 on Feb. 28.

The weekly chart for ITB is positive but overbought with the ETF above its key weekly moving average of $29.30, and above its 200-week simple moving average of $25.69. The weekly momentum is projected to rise to 82.30 this week up from 78.69 on Feb. 24, moving above the overbought threshold of 80.00.

Trading Strategy: Buy the home construction ETF on weakness to my quarterly value level of $28.81. Sell strength to my semi-annual and annual risky levels of $31.07 and $32.63, respectively.

Regional bank ETF

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Courtesy of MetaStock Xenith

The regional bank ETF closed Tuesday at $47.51, up 4.7% year to date, and in bull market territory 29.9% above its post-election low of $36.58 set on Nov. 8. The post-election high has been $48.05 set on Feb. 21.

The weekly chart for IAT is positive but overbought with the ETF above its key weekly moving average of $46.36 and well above its 200-week simple moving average of $34.43. The weekly momentum reading is projected to slip to 91.38 this week down from 92.30 on Feb. 24, with both readings well above the overbought threshold of 80.00.

Trading Strategy: Buy the regional bank ETF on weakness to my annual value level of $39.38. Sell strength to my semi-annual risky level of $48.17.

Community bank ETF

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Courtesy of MetaStock Xenith

The community bank ETF closed Tuesday at $52.84, up just 0.1% year to date but in bull market territory up 27.9% above its post-election low of $41.31 set on Nov. 9. The ETF set its post-election high of $54.28 on Dec. 12.

The weekly chart for QABA shifts to negative given a close on Friday, March 3 below its key weekly moving average of $52.32. The ETF is well above its 200-week simple moving average of $37.57. The weekly momentum reading is projected to slip to 75.06 this week down from 75.43 on Feb. 24, declining below the overbought threshold of 80.00.

Trading Strategy: Buy the community bank ETF on weakness to my quarterly value level of $46.63. Sell strength to my semi-annual risky level of $54.80.

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