March began with new all-time intraday highs for the five exchange-traded funds that best represent the five major U.S. equity averages. Only one, the PowerShares (QQQ) - Get Report ended March with an all-time intraday high, thanks to its top five components; Apple (AAPL) - Get Report , Microsoft (MSFT) - Get Report , Amazon.com (AMZN) - Get Report , Facebook (FB) - Get Report and Alphabet (GOOGL) - Get Report .

At the opposite side of the spectrum is the negative weekly chart for the iShares Transportation Average ETF (IYT) - Get Report , as trains, planes, trucking and package delivery companies lag.

It appears that speculation rages on that momentum stocks will continue higher, as the economy struggles with a GDP reading hovering around 2% for as far as the Federal Reserve eyes can see.

Diamonds and Spiders are the ETFs that track the Dow 30 and the S&P 500. They ended March still overbought, but are highly likely to end the first week of April with momentum declining below the overbought threshold of 80.00. Transports and Russell 2000 have had momentum trending below 80.00 since the week of March 10.

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