The bulls say that the Trump rally continues. The bears say that a technical correction is imminent. A correction is defined by a simultaneous 10% decline for each of the five exchange-traded funds that best represent the five major U.S. equity averages. This is unlikely to be resolved any time soon based upon the technical charts.  

The SPDR Dow Jones Industrial Average ETF (DIA) - Get Report, SPDR S&P 500 ETF Trust (SPY) - Get Report, iShares Transportation Average ETF (IYT) - Get Report and iShares Russell 2000 ETF (IWM) - Get Report set their all-time intraday highs on March 1. Diamonds ended the week with a negative weekly chart. The other three ended the week with neutral weekly charts.

The PowerShares QQQ Trust ETF (QQQ) - Get Report, which set an all-time intraday high on April 5, continues to have a positive but overbought weekly chart.

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

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