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The bulls remain in control of the U.S. stock market, but none of the five major averages set all-time intraday highs on Friday. When trading the exchange-traded funds that represent these averages, remember that technology remains the clear leader.

The SPDR Dow Jones Industrial Average ETF (DIA) - Get Free Report, known as Diamonds, SPDR S&P 500 ETF Trust (SPY) - Get Free Report, known as Spiders, and the iShares Transportation Average ETF (IYT) - Get Free Report set their all-time intraday highs on March 1. The iShares Russell 2000 ETF (IWM) - Get Free Report set its all-time intraday high on April 26. The PowerShares QQQ Trust ETF (QQQ) - Get Free Report , set an all-time intraday high of $137.54 on May 5.

New highs appear in-the-cards for Diamonds, Spiders and QQQ's, but transports and small caps may lag. All ended last week with positive weekly charts, with QQQ's maintaining overbought momentum.

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