The SPDR Dow Jones Industrial Average ETF (DIA) - Get Report, SPDR S&P 500 ETF Trust (SPY) - Get Report, iShares Transportation Average ETF (IYT) - Get Report and iShares Russell 2000 ETF (IWM) - Get Report set their all-time intraday highs on March 1, but the exchange-traded funds Diamonds and Spiders ended last week above their key weekly moving averages avoiding negative weekly charts. The ETFs for transports and small caps continue to have negative weekly charts.

Preventing the beginning of a technical correction for the overall stock market is the PowerShares QQQ Trust ETF (QQQ) - Get Report, which set an all-time intraday high on April 5, thanks to all-time intraday highs for top four components: Apple (AAPL) - Get Report , Microsoft (MSFT) - Get Report , (AMZN) - Get Report and Facebook (FB) - Get Report .

First-quarter earnings for these giants of technology will thus be the key for the market as April continues. Negative divergences for the other four equity ETFs warn that investors are getting tired of waiting for campaign promises made by President Trump. Investors want to see actual job creation anticipated by tax cuts and infrastructure spending programs. These have been delayed by the difficulties involving the repeal and replacement of Obamacare.

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

Action Alerts PLUS, which Jim Cramer manages as a charitable trust, is long FB and AAPL.