The Nasdaq Composite I:IXIC set its all-time intraday high of 5,275.74 on Aug. 23. The other major averages did not follow. The Dow Jones Industrial AverageI:DJI and the S&P 500 I:GSPC and the Nasdaq 100 set their all-time intraday highs on Aug. 15. The Russell 2000 set its 2016 intraday high on Aug. 23. Dow transports continue to lag versus its 2016 intraday high, which was set back on April 20.

Four of the five exchange-traded funds that represent these equity averages have positive but overbought weekly charts, while the transportation ETF is hanging onto a positive weekly chart in correction territory 16% below its all-time intraday high of 9,310.33 set on Nov. 28, 2014.

The SPDR Dow Jones Industrial Average ETF (DIA) - Get Report , aka Diamonds, closed Friday at $183.82 up 5.6% year to date after setting its all-time intraday high of $186.88 on August 15.

The SPDR S&P 500 ETF Trust (SPY) - Get Report , aka Spiders, closed Friday at $217.29, up 6.6% year to date and set its all-time intraday high of $219.50 on August 15.

The Nasdaq 100, the PowerShares QQQ Trust ETF (QQQ) - Get Report , dubbed QQQ, closed Friday at $116.78 up 4.4% year to date and set its all-time intraday high of $118.01 on August 23.

The iShares Transportation Average ETF (IYT) - Get Report closed Friday at $140.64, up 4.4% year to date and is still in correction territory 16.2% below its all-time intraday high of $167.80 set on Nov. 28, 2014.

The iShares Russell 2000 ETF (IWM) - Get Report closed Friday at $123.06, up 9.3% year to date and is 4.7% below its all-time intraday high of $129.10 set on June 24, 2015.

Here are the weekly charts and trading levels for the five stock market ETFs.

Diamonds

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The weekly chart for Diamonds remains positive but overbought with the ETF above its key weekly moving average of $183.39 and well above its 200-week simple moving average of $164.69. The weekly momentum reading ended last week at 89.77 slipping slightly from 90.01 on August 19 with both readings well above the overbought threshold of 80.00. A close this week below $183.39 would be a downgrade too neutral.

Investors looking to buy Diamonds should do so on weakness to $181.58, which is a key level on technical charts until the end of September. My value level for August is $174.43.

Investors looking to reduce holdings should do so on strength to $189.57, which is a key level on technical charts until the end of this week. The $199.85 and $204.48 levels remain in play until the end of 2016.

Spiders

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The weekly chart for Spiders remains positive but overbought with the ETF above its key weekly moving average of $215.74 and well above its 200-week simple moving average of $188.83. The weekly momentum reading ended last week at 94.14 a smidge lower than 94.21 on August 19, as both are well above the overbought threshold of 80.00.

Investors looking to buy Spiders should do so on weakness to $212.02, which is a key level on technical charts until the end of September. My value level for August is $203.83.

Investors looking to reduce holdings should do so on strength to $223.99, which is a key level on technical charts until the end of this week. The $239.86 and $245.56 levels remain in play until the end of 2016.

QQQ

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The weekly chart for QQQ remains positive but overbought with the ETF above its key weekly moving average of $114.45 and well above its 200-week simple moving average of $93.72. The weekly momentum reading rose to 88.88 last week up from 88.30 on August 19, moving further above the overbought threshold of 80.00.

Investors looking to buy QQQ should do so on weakness to $104.15, which is a key level on technical charts until the end of August.

Investors looking to reduce holdings did so again last week on strength to $117.78, which is a key level on technical charts until the end of September. The next sell level is $122.09, which is a key level on technical charts until the end of this week. The $124.65 and $125.96 are sell levels until the end of 2016.

Transports

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The weekly chart for the transportation ETF is positive with the ETF above its key weekly moving average of $140.50 and above its 200-week simple moving average of $134.75. The weekly momentum reading ended last week at 79.62 up from 78.21 on August 19. A close this week below $140.50 results in at least a downgrade too neutral.

Investors looking to buy the transportation ETF should consider doing so on weakness to $136.24, which is a key level on technical charts until the end of 2016. The $142.30 should continue to be a magnet until the end of September.

Investors looking to reduce holdings should do so on strength to $145.21, which is a key level on technical charts until the end of this week. The $167.06 and $172.27 levels remain in play until the end of 2016.

Small-Caps

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The weekly chart for the small-cap ETF remains positive but overbought with the ETF above its key weekly moving average of $120.47 and well above its 200-week simple moving average of $110.15. The weekly momentum reading ended last week at 93.28 up from 92.90 on August 19 becoming even more overbought above the threshold on 80.00.

Investors looking to buy this ETF should do so on weakness to $112.44 which is a key level on technical charts until the end of September.

Investors looking to reduce holdings should do so on strength to $127.16, which is a key level on technical charts until the end of this week. The $141.17 and $143.23 levels remain in play 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.