The Dow Jones Industrial AverageI:DJI , S&P 500 undefined , Dow Transports and the Russell 2000 stayed below their all-time intraday highs set on March 1, despite a positive reaction to the Fed rate hike on March 15. Nasdaq Composite I:IXIC set a slightly higher high of 5,912.61 on March 17. The Dow, S&P and Nasdaq still have positive but overbought weekly charts, while the transportation average has a negative weekly chart and small caps still has declining weekly momentum.

The Dow Jones Industrial Average (20,914.62 on March 17) set its all-time intraday high of 21,169.11 on March. 1. My semiannual and monthly pivots are 20,893 and 20,661, respectively, with a weekly risky level of 21,421. My annual value level is 15,111 with annual and semiannual risky levels of 22,042 and 22,148, respectively.

The S&P 500 (2,378.25 on March 17) set its all-time intraday high of 2,400.98 on March 1. My quarterly value level is 2,141.2 with a monthly pivot of 2,364.0 and weekly risky level of 2,426.2. My annual value level lags at 1,676.1 with a semiannual risky level of 2,492.4, and annual and semiannual risky levels at 2,537.9 and 2,608.9, respectively.

The Nasdaq Composite (5,901.00 on March 17) set its all-time high of 5,912.61 on March 17. My quarterly value level is 5,335 with semiannual, monthly and weekly risky levels 5,946, 6,017 and 6,062, respectively. My annual value level is 4,331 with annual and semiannual risky levels at 6,253 and 6,387, respectively.

Dow Transports (9,145.50 on March 17) set its all-time intraday high of 9,639.33 on March 1. My annual and quarterly value levels are 7,910 and 7,243 with weekly, monthly and semiannual risky levels of 9,457, 9,830 and 9,980, respectively. Annual and semiannual risky levels are 10,167 and 10,713, respectively.

The Russell 2000 (1,391.52 on March 17) set its all-time intraday high of 1,414.82 on March 1. My quarterly and annual value levels are 1,234.21 and 1,091.77, respectively, with weekly, monthly and semiannual risky levels of 1,420.21, 1,451.98 and 1,487.52, respectively. Annual and semiannual risky levels of 1,548.95 and 1,549.50, respectively.

Here's a scorecard for the exchange-traded funds that best represents the five major averages.

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SPDR Dow Jones Industrial Average ETF (DIA) - Get SPDR Dow Jones Industrial Average ETF Trust Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $205.34. Weekly momentum ended last week at 90.71, above the overbought threshold of 80.00. Buy weakness to my quarterly value level at $182.90. I show monthly and semiannual pivots of $206.62 and $208.59, respectively, the higher one continues as a magnet. Sell strength to my weekly, annual and semiannual risky levels of $214.12, $220.14 and $221.34, respectively. My annual value level is $150.83.

SPDR S&P 500 ETF Trust (SPY) - Get SPDR S&P 500 ETF Trust Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $233.88. Weekly momentum ended last week at 91.40, above the overbought threshold of 80.00. Buy weakness to my quarterly value level at $213.62. I show a monthly pivot at $236.70, which was a magnet again last week. Sell strength to weekly and semiannual risky levels of $242.55 and $248.68, respectively. My annual value level is $167.75 with annual and semiannual risky levels of $253.37 and $260.40, respectively.

PowerShares QQQ Trust ETF (QQQ) - Get Invesco QQQ Trust Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $128.54 and set an all-time intraday high of $132.40 on March 15. Weekly momentum ended last week at 96.53, above the overbought threshold of 80.00. Buy weakness to my quarterly value level at $118.68. I show a semiannual pivot at $128.39. Sell strength to monthly, weekly, semiannual and annual risky levels of $134.23, $125.58, $139.27 and $139.42, respectively. My annual value level lags at $98.20.

iShares Transportation Average ETF (IYT) - Get iShares Transportation Average ETF Report

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The weekly chart remains negative with the ETF below its key weekly moving average of $167.42. Weekly momentum reading ended last week declining to 68.99, trending below the overbought threshold of 80.00. Buy weakness to my quarterly value level at $130.09. Sell strength to monthly, annual and semiannual risky levels of $177.48, $182.54, $192.85, respectively.

iShares Russell 2000 ETF (IWM) - Get iShares Russell 2000 ETF Report

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The weekly chart is neutral with the small-cap ETF above its key weekly moving average of $137.15. Weekly momentum declined to 71.37 last week, trending below the overbought threshold of 80.00. Buy weakness to my quarterly value level at $122.73. Sell strength to monthly, semiannual and annual risky levels of $143.77, $154.12 and $154.33, respectively.

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