The watch continues for the Dow Jones Industrial Average to hit 20,000 this year but that effort is stalling ahead of what should be a light week of trading going into the new year. 

The Dow set its all-time intraday high Tuesday at 19,987.63, the same day the Nasdaq Composite set its all-time intraday high of 5,489.47. 

The other major U.S. averages hit their all-time intraday highs set more than a week ago; The S&P 500 set its all-time intraday high of 2,277.53 on Dec. 13, while Dow Transports and Russell 2000 set their all-time intraday highs of 9,490.29 and 1,392.71 on Dec. 9.

But the U.S. is not the only market that's showing signs of a slowdown.

In Japan, the Nikkei 225 set its 2016 high of 19,592.90 on Dec. 21, but remains 7.3% below its cycle high of 20,952.71 set on June 24, 2015.

In China, the Shanghai Composite lags after setting its 2016 high of 3,301.21 on Nov. 29 and remains deep into bear market territory down 39.9% from its cycle high of 5,178.19 on June 12, 2015.

In India, the Nifty 50 lags its 2016 high of 8,966.70 set on Sept. 7, and this average is in correction territory 12.5% below its cycle high of 9,119,20 set on March 4, 2015. Here's the daily chart to show the details.

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Courtesy of MetaStock Xenith

Notice how the Nifty 50 has been below its 200-day simple moving average (in green) since Dec. 15. Without a yearend rally, the India benchmark will end 2016 with a "death cross" where the 50-day simple moving average (in blue) falls below the 200-day simple moving average indicating that lower prices lie ahead,

Friday, the German DAX opened traded to a new 2016 high of 11,480.18 as of 5:00 AM. The DAX is 7.4% below its cycle high of 12,390.75 set on April 10, 2015.

With that in mind, here is the scorecard for the nine major global equity averages, followed by the weekly charts of each.

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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 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.

Here's the weekly chart for Japan's Nikkei 225.

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Courtesy of MetaStock Xenith

The Nikkei 225 is in bull market territory 30.7% above its June 24 low of 14,864.01. The second half 2016 high of 19,592.90 was set on Dec. 21. You need to look back to the end of 1989 to find the Nikkei 225 all-time intraday high of 38,957.44 set in December 1989. The Nikkei 225 is 7.3% below its multiyear intraday high is 20,952.71 set on June 24, 2015.

The weekly chart for Japan's Nikkei 225 is positive but overbought with the average above its key weekly moving average of 18,449.03. The 200-week simple moving average is 16,493.65, last tested as the election votes were counted on Nov. 9, when this average was 16,264.37. The weekly momentum reading ended this week at 93.20 up from 91.05 on Dec. 16, moving further above the overbought threshold of 80.00.

Here's the weekly chart for China's Shanghai Composite.

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Courtesy of MetaStock Xenith

The Shanghai Composite slipped is now 17.9% above its Jan. 27 low of 2,638.30. The second half 2016 high is 3,301,21 set on Nov. 29. This average is well below its all-time intraday high was 6,124.04 set in October 2007. The Shanghai Composite remains mired in bear market territory 39.9% below its multiyear intraday high is 5,178.19 set on June 12, 2015.

The weekly chart for China's Shanghai Composite has been downgraded to negative from neutral with the index below its key weekly moving average of 3,155.75 and well above its 200-week simple moving average of 2,792.19. This average stayed above its "reversion to the mean" during the week of March 4 when the average was 2,623.41. The weekly momentum reading ended this week at 73.07 down from 81.57 on Dec. 16, moving below the overbought threshold of 80.00.

Here's the weekly chart for India's Nifty 50.

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Courtesy of MetaStock Xenith

The Nifty 50 is in correction territory 12.5% below its March 4, 2015 all-time intraday high of 9,119.20. The average is no longer in bull market territory at 17% above its Feb. 29 low of 6,825.80. This laggard set its second half of 2016 high of 8,968.70 back on Sept. 7.

The weekly chart for India's Nifty 50 is negative with the average below its key weekly moving average of 8,221.09 and above its 200-week simple moving average of 7,475.92. This "reversion to the mean" held during the week of March 4 when the average was 6,904.80. The weekly momentum reading slipped to 22.97 last week down from 23.10 on Dec. 16, still above the oversold threshold of 20.00.

Here's the weekly chart for Germany's Deutsche Boerse DAX.

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Courtesy of MetaStock Xenith

In Germany, the DAX is in bull market territory 31.8% above its Feb. 11 low of 8,699.29 as of 5:00 AM this morning. The 2016 second half high is 11,480.18 set by 5:00 AM on Dec. 23. The index is 7.4% below its April 10, 2015 high of 12,390.75.

The weekly chart for the German DAX is positive but overbought with the average above its key weekly moving average of 10,966.39 and above its 200-week simple moving average of 9,829.91. This "reversion to the mean" last held during the week of July 8 when the average was 9,454.31. The weekly momentum reading is projected to rise to 82.01 this week up from 74.26 on Dec. 16.

Here's the weekly chart for the Dow Jones Industrial Average.

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Courtesy of MetaStock Xenith

The Dow Jones Industrial Average set an all-time intraday high of 19,987.63 on Dec. 20, close to my upside potential of 20,026 to 20,485 by year end.

The weekly chart for the Dow 30 is positive but overbought with the average above its key weekly moving average of 19,250.41 and well above the 200-week simple moving average of 16,939.60. This "reversion to the mean" was last tested during the week of Feb. 12 when the average was 15,819.45. The weekly momentum reading is projected to rise to 90.24 this week up from 86.90 on Dec. 16, moving further above the overbought threshold of 80.00.

Here's the weekly chart for S&P 500.

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Courtesy of MetaStock Xenith

The S&P 500 set its all-time intraday high of 2,277.53 on Dec. 13 and the upside potential to 2,402.1 to 2,461.3 becomes less likely by the end of 2016.

The weekly chart for the S&P 500 is positive but overbought with the average above its key weekly moving average of 2,212.28. The average is above its 200-week simple moving average of 1,949.53. The weekly momentum reading is projected to rise to 85.69 this week up from 81.66 on Dec. 16, moving further above the overbought threshold of 80.00.

Here's the weekly chart for the Nasdaq Composite.

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Courtesy of MetaStock Xenith

The Nasdaq set its all-time intraday high of 5,489.47 on Dec. 20 and the upside to 5,421 has been achieved. A higher level is 5,826, is highly unlikely by year end.

The weekly chart for the Nasdaq is positive but overbought with the average above its key weekly moving average of 5,348.43. The index is well above its 200-week simple moving average at 4,512.49. The weekly momentum reading is projected to rise to 82.81 this week up from 77.81 on Dec. 16, moving above the overbought threshold of 80.00.

Here's the weekly chart for the Dow Jones Transportation Average.

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Courtesy of MetaStock Xenith

Dow Transports set its all-time intraday high of 9,490.29 on Dec. 9, and the upside failed within my zone of risky levels of 9,318 to 9,634.

The weekly chart for transports is positive but overbought with the average above its key weekly moving average of 8,877.40 and well above its 200-week simple moving average at 7,774.85. This "reversion to the mean" was last tested during the week of July 8 when the average was 7,421.76. The weekly momentum reading is projected to slip to 90.12 this week down from 92.76 on Dec. 17, becoming slightly less overbought versus the overbought threshold of 80.00.

Here's the weekly chart for the Russell 2000.

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Courtesy of MetaStock Xenith

The Russell 2000 set all-time intraday high of 1,392.71 on Dec. 9, and the upside is to 1,420.95 to 1,441.92 by yearend has become less likely.

The weekly chart for Russell 2000 is positive but overbought with the index above its key weekly moving average of 1,320.19 and above its 200-week simple moving average of 1,143.65. The weekly momentum reading is projected to rise to 86.19 up from 83.74 on Dec. 16, moving further above the overbought threshold of 80.00.

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