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The bulls regained control of the U.S. stock market last week, with the PowerShares QQQ in control of the upward momentum. The QQQ's is by far the leader up 21.1% year to date and up 25.8% since its post-election low set on Nov. 14. The other four exchange-traded funds representing the major U.S. equity averages lag the Nasdaq 100, but all five have positive weekly charts.

The PowerShares QQQ Trust ETF (QQQ) , known as QQQ's, has over-run its semiannual and annual pivots of $139.27 and $139.42, which are magnets until the end of June and the end of 2017, respectively. There's an 85% chance that $139.42 will be tested again by the end of 2017. The all-time intraday high of $143.49 was set on June 2.

The SPDR Dow Jones Industrial Average ETF (DIA) , known as Diamonds, has monthly, annual and semiannual risky levels at $219.82, $220.14 and $221.34, respectively, and set its all-time intraday high of $212.21 on June 2.

The SPDR S&P 500 ETF Trust (SPY) , known as Spiders, has monthly, annual and semiannual risky levels of $245.24, $253.37 and $260.40, respectively, and set its all-time intraday high of $244.35 on June 2.

The iShares Transportation Average ETF (IYT) , known as transports, has monthly and annual risky levels of $180.00 and $182.54, respectively, and is below its March 1 all-time intraday high of $173.88.

The iShares Russell 2000 ETF (IWM) , known as small caps, has monthly, semiannual and annual risky levels of $144.06, $154,12 and $154.33, respectively, and is below its April 26 all-time intraday high of $141.81.

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