The global stock market rally began to stall shortly after the five major U.S. averages set all-time intraday highs on March 1. Negative divergences began to form, as the focus shifted to the "Ides of March" and the decision by the Federal Reserve to raise the federal funds rate to 0.75% to 1.00% on March 15. The only average to post a higher all-time intraday high after the Fed hike was the Nasdaq CompositeI:IXIC , which traded as high as 5,928.06 on March 21.

India's Nifty 50 was the only one of the four overseas averages that set an all-time intraday high this month, which is 9,158.45 on March 16. The other three overseas averages are below all-time or multiyear intraday highs that were set between April and June 2015, soon to be two years ago, beginning next month.

The Dow Jones Industrial Average I:DJI , the S&P 500I:GSPC , Dow Transports and Russell 2000 set their all-time intraday highs of 21,169.11, 2,400.98, 5,911.79, 9,639.33 and 1,414.82, respectively, on March 1. It is highly likely that Dow Transports and Russell 2000 will end this week with negative weekly charts, as shown in their slides below.

Overseas, the Nikkei 225 remains well below its June 24, 2015, high of 20,952.71. The Shanghai Composite remains deep in bear market territory 37.3% below its June 12, 2015, high of 5,178.19. The German DAX is shy of its all-time intraday high of 12,390.75 set on April 10, 2015.

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