The weekly charts for the Dow Jones Industrial AverageI:DJI , S&P 500 I:GSPC , Nasdaq Composite I:IXIC , Dow Transports and the Russell 2000 have positive but overbought weekly charts.

The Dow and Nasdaq set all-time intraday highs of 19,987.63 and 5.489.47, respectively, last week, but the S&P 500 lagged its all-time high of 2,277.53 set on Dec. 13. Transports and Russell 2000 set all-time intraday highs of 9,490.29 and 1,392.71, respectively, on Friday Dec. 9. 

Here are the weekly charts to help you trade these markets using exchange-traded funds, none of which set new highs last week.

SPDR Dow Jones Industrial Average ETF (DIA) - Get Report , aka Diamonds

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Diamonds trades at $199.05, up 14.4% year to date, and set its all-time intraday high of $199.83 on Dec. 14. This ETF is in bull market territory 28.9% above its Jan. 20 low of $154.38.

The weekly chart for Diamonds is positive but overbought with the ETF above its key weekly moving average of $192.38 and well above its 200-week simple moving average of $169.20. The weekly momentum reading rose to 89.15 last week up from 86.20 on Dec. 16, moving further above the overbought threshold of 80.00.

Investors looking to buy Diamonds on weakness to $189.82, which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should do so on strength to $203.68, which are key levels on technical charts until the end of this week.

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

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Spiders trades around $226, up 10.7% year to date, and set its all-time intraday high of $228.34 on Dec. 13. This ETF is in bull market territory 24.7% above its Jan. 20 low of $181.02.

The weekly chart for Spiders is positive but overbought with the ETF above its key weekly moving average of $221.16 and above its 200-week simple moving average of $194.97. The weekly momentum reading rose to 83.97 last week up from 80.93 on Dec. 16, moving above the overbought threshold of 80.00.

Investors looking to buy Spiders should do so on weakness to $216.55, which is a key level on technical charts until the end of 2016. The $223.33 level should be a pivot or magnet until the end of December. Investors looking to reduce holdings should consider selling strength to $229.16, which is a key level on technical charts until the end of 2016.

PowerShares QQQ Trust ETF (QQQ) - Get Report , dubbed QQQs

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QQQs trade at $120, up 7.8% year to date, and set its all-time intraday high of $121.11 on Dec. 15. This ETF is in bull market territory 26.7% above its Feb. 8 low of $94.84.

The weekly chart for QQQs is positive with the ETF above its key weekly moving average of $118.24. The ETF is above its 200-week simple moving average of $98.14. The weekly momentum reading rose to 72.81 last week up from 64.92 on Dec. 16.

Investors looking to buy QQQs should consider buying weakness to $118.63, which is a key level on technical charts until the end of this week. Monthly and quarterly pivots are $118.80 and $119.81. Investors looking to reduce holdings should consider doing so on strength to $124.65 and $125.96, which are key levels on technical charts until the end of 2016.

iShares Transportation Average ETF (IYT) - Get Report

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The transports ETF trades at $165, up 22.6% year to date, and set its all-time intraday high of $171.16 on Dec. 9. This ETF is in bull market territory 43.8% above its Jan. 20 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 $159.95 and above its 200-week simple moving average of $139.41. The weekly momentum reading slipped to 90.10 last week down from 92.58 on Dec. 16, becoming less above the overbought threshold of 80.00.

Investors looking to buy the transportation ETF should consider doing so on weakness to $149.02, which is a key level on technical charts until the end of December. Investors looking to reduce holdings should do so on strength to $173.40, which is also a key level until the end of this week.

iShares Russell 2000 ETF (IWM) - Get Report

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The small-caps ETF trades at $136, up 20.8% year to date, after setting its all-time intraday high of $138.82 on Dec. 9. This ETF is in bull market territory 45.3% above its Feb. 11 low of $93.64.

The weekly chart for the small-caps ETF is positive but overbought with the ETF above its key weekly moving average of $131.49 and above its 200-week simple moving average of $113.6. The weekly momentum reading rose to 86.17 last week up from 83.58 on Dec. 16, moving further above the overbought threshold of 80.00.

Investors looking to buy this ETF should do so on weakness to $132.19, which is a key level on technical charts until the end of December. Investors looking to reduce holdings should do so on strength to $143.08, which is a key level on technical chart 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.