The dynamics among the 11 S&P 500 I:GSPCsector exchange-traded funds clearly shows that technology is the leader. The technology Sector ETF set its all-time intraday high of $55.24 on Monday, led by the largest tech sector component, Apple (AAPL) - Get Report. The stock did its part also set an all-time intraday high of $153.70 that day, well above my annual target of $151.69, which is now a pivot, or magnet, for the remainder of 2017.

In addition to technology, the consumer discretionary and utilities ETFs have positive but overbought weekly charts. The consumer staples sector ETF was positive but overbought last week. Its momentum reading, however, is projected to decline below the overbought threshold of 80.00, which would downgrade this weekly chart to neutral.

The materials and industrial ETFs still have positive weekly charts, and the financial and health care ETFs are poised to be upgraded to positive this week. The transportation ETF will either be positive or neutral depending upon whether this week's close is above or below its key weekly moving average of $164.31.

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

Jim Cramer and the AAP team are discussing fallout from first-quarter earnings from Apple and Facebook (FB) - Get Report and how to play the big tech names. Get his insights or analysis with a free trial subscription to Action Alerts Plus.

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