The exchange-traded fundsSPDR 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, and last week all four ended the week with negative weekly charts.
Preventing the beginning of a technical correction for the overall stock market, the PowerShares QQQ Trust ETF (QQQ) - Get Report, which set an all-time intraday high on April 5, last week testing and holding its 50-day simple moving average of $130.30 versus Friday's low of $130.38. QQQ has been above its 50-day since Dec. 7 when the average was $117.42. This will be a key level as the 200-day simple moving average lags at $120.68.
Back on March 10, I wrote, "Beware the Ides of March on the Eighth Anniversary of the March 9, 2009, Lows." Since then, the technicals have been showing a series of negative divergences.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.