The bulls remain in control of the U.S. stock market, but away from the momentum of tech stocks, transports and small caps are beginning to show characteristics that typically occur when a technical correction looms. 

The SPDR Dow Jones Industrial Average ETF (DIA) - Get Report, known as Diamonds, has a positive weekly chart but lags its March 1 all-time intraday high of $211.59.

The SPDR S&P 500 ETF Trust (SPY) - Get Report, known as Spiders, has a positive weekly chart but lags its March 1 all-time intraday high of $240.32.

The PowerShares QQQ Trust ETF (QQQ) - Get Report , known as QQQ's, has a positive, but overbought, weekly chart and set its latest all-time intraday high of $138.63 on Friday, May 12.

The iShares Transportation Average ETF (IYT) - Get Report, known as transports, has a neutral weekly chart and lags its March 1 all-time intraday high of $173.88.

The iShares Russell 2000 ETF (IWM) - Get Report, known as small caps, has a positive weekly chart, but a small decline this week will result in a technical downgrade. Small caps lag its all-time intraday high $141.81, set on April 26.

When looking the weekly charts below, keep an eye on the 200-week simple moving averages shown in green, as investors should consider this level as the "reversion to the mean." The "reversion to the mean" is an investment theory that the price of an index, stock or ETF, will eventually return to a longer-term simple moving average, and the 200-week is simple to track. A ticker trading above its "reversion to the mean" will eventually decline back to it on weakness. Similarly, a ticker trading below its "reversion to the mean" will eventually rebound to it on strength.

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