The tech stocks and small-cap exchange-traded funds have become the leaders of the Trump rally. Diamonds and Spiders ended last week above their key weekly moving averages but still have declining momentum. Transports ended last week with a negative weekly chart. May thus begins with a technical tug-of-war.

The SPDR Dow Jones Industrial Average ETF (DIA) - Get Report, SPDR S&P 500 ETF Trust (SPY) - Get Report and iShares Transportation Average ETF (IYT) - Get Report set their all-time intraday highs on March 1.

The PowerShares QQQ Trust ETF (QQQ) - Get Report set its all-time intraday high of $136.34 on Friday, and its weekly chart remains positive but overbought. The iShares Russell 2000 ETF (IWM) - Get Report set its all-time intraday high of $181.82 on April 26, and its weekly chart is positive.

The bulls need to see new all-time intraday highs on all five ETFs to fortify the Trump rally. The bears need to see all five have negative weekly charts to indicate risk of a correction.

May begins with Diamonds, Spiders and QQQ's straddling key technical levels. Diamonds has a monthly risky level of $212.44 just above its all-time high of $211.59. The Spiders ETF has a monthly pivot of $237.89, shy of its all-time high of $240.32, and a key level to hold on weakness. QQQ's has a monthly pivot of $134.81, shy of its all-time high of $136.34, and a key level to hold on weakness.

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