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The bulls appear to be losing control of the U.S. stock market, as the PowerShares QQQ reached its price target. Last Wednesday, all five stock market exchange-traded funds gapped lower on the clouds of the investigation of the relationship between the Trump presidency and Russia. Let's look at the five equity ETFs, then analyze the weekly charts and provide the key trading levels.

The SPDR Dow Jones Industrial Average ETF (DIA) - Get SPDR Dow Jones Industrial Average ETF Report, known as Diamonds, has been downgraded to a neutral weekly chart and lags its March 1 all-time intraday high of $211.59.

The SPDR S&P 500 ETF Trust (SPY) - Get S&P 500 ETF TRUST ETF Report, known as Spiders, has a positive weekly chart but lags its March 1 all-time intraday high of $240.32.

The PowerShares QQQ Trust ETF (QQQ) - Get PowerShares QQQ Trust Ser 1 Report , known as QQQ's, has a positive but overbought weekly chart and set its latest all-time intraday high of $139.64 on May 16, giving investors the opportunity to reduce holdings at $139.27 and $139.42, which have been by semiannual and annual risky levels since the beginning of 2017.

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The iShares Transportation Average ETF (IYT) - Get iShares U.S. Transportation ETF Report, known as transports, has been downgraded to a negative weekly chart and lags its March 1 all-time intraday high of $173.88.

The iShares Russell 2000 ETF (IWM) - Get iShares Russell 2000 ETF Report, known as small caps, has been downgraded to a negative weekly chart, after setting its all-time intraday high $141.81 on April 26.

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