The weekly charts for the Dow Jones Industrial AverageI:DJI , S&P 500 I:GSPC and Russell 2000 remain negative. The weekly charts for the Nasdaq Composite I:IXIC and the Nasdaq 100 ended last week negative. The weekly chart for Dow Transports has been downgraded to neutral.

Investors should be aware the technicals of the U.S. stock market continue to deteriorate. A modest market decline this week -- with Dow transports ending the week below its key weekly moving average of 7,976.06 -- will make all five major averages negative. Can you see the bear yet?

The weekly charts show a red line through the price bars, which is the key weekly moving average (a five-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 chart 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 market below its key weekly moving average with weekly momentum declining below 80.00 in a trend towards 20.00.

Remember that stochastic readings can help investors judge when to reduce long positions. The 12x3x3 weekly slow stochastic is based upon the last 12 weeks of data -- each week's high, low and last prices. This measure of momentum rises as new weekly highs continue with the last prices closer to the highs. When this pattern changes and weekly last price closer to the low, the stochastic reading will begin to decline providing an early warning to reduce holdings.

This is what's happening when you look at the weekly charts for the exchange-traded funds that best represent the Nasdaq 100 and Dow Transports. First, let's look at the daily charts for Diamonds and Spiders.

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

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Courtesy of MetaStock Xenith

Diamonds trades around $181, up 4.2% year to date after setting its all-time intraday high of $186.88 on August 15.

The horizontal lines of the daily chart for Diamonds are the Fibonacci retracement of the rise from its Jan. 20 low of $154.38 to its Aug. 15 all-time intraday high of $186.88.

Since setting the high, Diamonds have been moving sideways to down. Note the price gap below the 50-day simple moving average on Sept. 9 when the average was $184.05. This moving average was tested on Sept. 20 and Oct. 10 and is now below the 50-day SMA now at $182.59. The second half low for Diamonds has been $179.43 set on Oct. 13, which was above its 23.6% of $179.21.

Investors looking to buy Diamonds should do so on weakness to $178.38, which is a key level on technical charts for this week. Investors looking to reduce holdings should do so on strength to $183.08, which remains in play until the end of 2016. Keep in mind that volatility beyond the $178.38 to $183.08 range are my annual value level of $145.61 and monthly risky level of $193.30.

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

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Courtesy of MetaStock Xenith

Spiders trades close to $212.50, up 4.3% year to date and set its all-time intraday high of $219.60 on August 23.

The horizontal lines of the daily chart for Spiders are the Fibonacci retracement of the rise from its Jan. 20 low of $181.02 to its Aug. 23 all-time intraday high of $219.60.

Since setting the high, Spiders have been moving sideways to down. Note the price gap below the 50-day simple moving average on Sept. 9 when the average was $216.37. This moving average was tested on Sept. 22, Sept. 30 and Oct. 10 and is now below the 50-day SMA now at $215.52. The second half low for Spiders has been $211.21 set on Oct. 13, which was above its 23.6% of $210.4.

Investors looking to buy Spiders should consider buying weakness to $209.68, which is a key level on technical charts for this week. investors looking to reduce holdings should consider selling strength to $216.55, which remains in play until the end on 2016. Keep in mind that volatility beyond the $209.68 to $216.55 range are my annual value level of $163.38 and monthly risky level of $226.66.

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

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Courtesy of MetaStock Xenith

QQQ trades at $117, up 4.7% year to date after setting an all-time intraday high of $119.66 on Oct. 25.

The weekly chart for QQQ has been downgraded to negative with the ETF just below its key weekly moving average of $117.16 and well above its 200-week simple moving average of $96.11. The weekly momentum reading declined to 77.74 last week down from 83.70 on Oct. 21, moving below the overbought threshold of 80.00.

Investors looking to buy QQQ should consider buying weakness to the 200-day simple moving average of $110.23. Key weekly, monthly and quarterly levels are $118.23, $119.06 and $119.81, respectively. The volatility beyond the $118.23 to $119.81 range are my annual value level of $96.72 and semiannual risky level of $145.56.

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

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Courtesy of MetaStock Xenith

The transports ETF trades at $144, up 6.9% year to date. Dow transports remain in correction territory 13.9% below its all-time intraday high of 9,310.33 set on Nov. 28, 2014.

The weekly chart for the transportation ETF has been downgraded to neutral with the ETF above its key weekly moving average of $143.39 and above its 200-week simple moving average of $137.10. The weekly momentum reading ended last week at 76.97 down from 80.09 on Oct. 21, moving below overbought threshold of 80.00 this week.

Investors looking to buy the transportation ETF should consider doing so on weakness to $139.62 and $136.24, which are key levels on technical charts until the end of 2016. Investors looking to reduce holdings should do so on strength to $146.03, which is a key level on technical charts until the end of this week.

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

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Courtesy of MetaStock Xenith

The small-cap ETF trades at $118, up 4.8% year to date and set its 2016 high of $125.88 on Sept. 23.

The horizontal lines of the daily chart for the small-cap ETF are the Fibonacci retracement of the rise from its Feb. 11 low of $93.64 to its Sept. 23 multiyear intraday high of $125.88.

The small-cap ETF gapped lower on the day after setting its multiyear high. The ETF closed below its 50-day simple moving average when it was $122.97 on Oct. 11. Weakness then accelerated with Friday's close below the 23.6% retracement of $118.27. The 200-day simple moving average is $113.99 with the 50-day simple moving average at $122.64.

Investors looking to buy this ETF should do so on weakness to $103.68 which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should do so on strength to $121.84 and $127.25, which are key levels on technical charts until the end of this week and 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.