The technicals for the five major U.S. equity averages improved this week. The Dow Jones Industrial Average I:DJI , the S&P 500undefined , Dow transports and Russell 2000 may have neutral weekly charts, unless there's a sell-off on Friday. The Nasdaq CompositeI:IXIC continues to have a positive but overbought weekly chart, and remains below its all-time intraday high of 5.936.39 set on April 5.

Overseas, the Nikkei 225 continues to have a negative weekly chart. The Shanghai Composite will likely end the week with a downgrade to a negative weekly chart. The German DAX could have a downgrade to neutral or negative as this week comes to an end. The Nifty 50 will continue to have a positive but overbought weekly chart.

It's been a week without new highs for any of the nine major global averages. India's Nifty 50 is the only major overseas average to set a new high in 2017, and each of the other three remain below highs set between April 10, 2015, and June 24, 2015.

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

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