The Technology Sector ETF is in a world of its own, setting new all-time intraday highs every day since April 24. This strength was greatly influenced by the four heavily weighted components.

Microsoft (MSFT) - Get Report, the second-largest component of the tech exchange-traded fund beat earnings estimates on April 27, and the stock set its all-time high of $69.55 on Monday. Alphabet (GOOGL) - Get Report, the fourth-largest component, also beat earnings estimates on April 27, and this stock set its all-time high of $935.90 on April 28.

The largest tech sector component, Apple  (AAPL) - Get Report reports its quarterly results after the closing bell Tuesday and analysts expects the iPhone giant to earn $2.10 a share. With a weighting of 15%, the stock set its all-time intraday high of $147.20 on Monday. This month's risky level is $147.73 and my annual risky level is $151.69.

The third-largest tech sector component, Facebook (FB) - Get Reportreports its quarterly after the closing bell on Wednesday and analysts expects the social media giant to earn 88 cents a share. With a weighting of 7%, the stock set its all-time intraday high of $152.57 on Monday. The key level to hold on weakness is my quarterly pivot of $148.04.

The S&P 500 I:GSPC is divided into 11 sectors, each traded by its own exchange-traded fund. In addition to the technology sector, consumer discretionary, consumer staples and utilities have positive but overbought weekly charts.

The materials and industrial ETFs have positive weekly charts.

The sector ETFs with neutral weekly charts are financial, health care and transportation.

The REIT ETF has a negative weekly chart, and energy has a negative but oversold weekly chart.

That said, over on Real Money, Cramer says alternatives to stocks -- things like bonds, gold and real estate -- seem very expensive compared to owning stocks. Get his insights with a free trial subscription to Real Money.

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