It's time to transition the Trump Rally into the traditional December Santa Claus rally. This rally has created a bull market in the U.S. but not around the world. 

Even with a raging bull, however, there are signs the rally might be flagging. The Russell 2000 and the Dow Transports, which have been the percentage leaders, did not set new all-time intraday highs this week. The Russell all-time intraday high of 1,392.71 came a week ago while Dow Transports set its intraday high of 9,490.29 on Dec. 9.

Meanwhile, the S&P 500 and Nasdaq set their latest all-time intraday highs of 2,277.53 and 5,486.75, respectively, on Dec. 13. The Dow Jones Industrial Average set its all-time high of 19,966.43 on Dec. 14. There were no new highs in the U.S. on Thursday. Dec. 14 was a "key reversal" for the Dow 30 at its close following a negative reaction to the rate hike by the Federal Reserve. The Dow close fell below the Dec. 13 low of 19,846.45.

What about major world stock markets? 

In Japan, the Nikkei 225 set its 2016 high of 19,439.97 Friday, but remains 8% below its cycle high of 20,952.71 set on June 24, 2015. In China, the Shanghai Composite lagged after setting its 2016 high of 3,301.21 on Nov. 29 and remains deep into bear market territory versus its cycle high of 5,178.19 on June 12, 2015.

In India, the Nifty 50 lags its 2016 high of 8,966.70 set on Sept. 7, and this average is in correction territory 10.6% below its cycle high of 9,119,20 set on March 4, 2015.

Friday, the German DAX opened at a new 2016 high of 11,430.51, 7.9% below its cycle high of 12,390.75 set on April 10, 2015. 

So while the Nikkei 225 and German DAX are in bull market territory, they are below their 2015 highs.

Here's this week's scorecard for the nine major global equity averages, followed by the weekly charts.

Image placeholder title

The weekly charts show a red line through the price bars, which is the key weekly moving average (a 5-week modified moving average). The green line is the 200-week simple moving average considered the "reversion to the mean".

The study in red along the bottom of the chart is weekly momentum (a 12x3x3 weekly slow stochastic), which scales between 00.00 and 100.00, where readings above 80.00 indicates overbought and readings below 20.00 indicates oversold.

A negative weekly chart shows the stock below its key weekly moving average with weekly momentum declining below 80.00 in a trend towards 20.00. A positive weekly chart shows the stock above its key weekly moving average with weekly momentum rising above 20.00 in a trend towards 80.00.

Japan's Nikkei 225

Image placeholder title

Courtesy of MetaStock Xenith

The Nikkei 225 is in bull market territory 30.5% above its June 24 low of 14,864.01. The second half 2016 high of 19,439.97 was set on Dec. 16. You need to look back to the end of 1989 to find the Nikkei 225 all-time intraday high of 38,957.44 set in December 1989. The Nikkei 225 is 7.4% below its multiyear intraday high is 20,952.71 set on June 24, 2015.

The weekly chart for Japan's Nikkei 225 is positive but overbought with the average above its key weekly moving average of 18,204.37. The 200-week simple moving average is 16,453.44, last tested as the election votes were counted on Nov. 9, when this average was 16,264.37. The weekly momentum reading ended this week at 91.05 up from 89.06 on Dec. 9, moving further above the overbought threshold of 80.00.

China's Shanghai Composite

Image placeholder title

Courtesy of MetaStock Xenith

The Shanghai Composite slipped out of bull market territory last week and is now 18.4% above its Jan. 27 low of 2,638.30. The second half 2016 high is 3,301,21 set on Nov. 29. This average is well below its all-time intraday high was 6,124.04 set in October 2007. The Shanghai Composite remains mired in bear market territory 39.7% below its multiyear intraday high is 5,178.19 set on June 12, 2015.

The weekly chart for China's Shanghai Composite has been downgraded to neutral from positive but overbought with the index below its key weekly moving average of 3,167.15 and well above its 200-week simple moving average of 2,788.73. This average stayed above its "reversion to the mean" during the week of March 4 when the average was 2,623.41. The weekly momentum reading ended this week at 81.57 down from 87.60 on Dec. 9. If the Chinese benchmark closes next week below 3,167.15, the weekly chart will be downgraded to negative.

India's Nifty 50

Image placeholder title

Courtesy of MetaStock Xenith

The Nifty 50 is in correction territory once again 10.7% below its March 4, 2015 all-time intraday high of 9,119.20. The average is no longer in bull market territory at 19.2% above its Feb. 29 low of 6,825.80. This laggard set its second half of 2016 high of 8,968.70 back on Sept. 7.

The weekly chart for India's Nifty 50 is neutral with the average below its key weekly moving average of 8,279.93 and above its 200-week simple moving average of 7,465.24. This "reversion to the mean" held during the week of March 4 when the average was 6,904.80. The weekly momentum reading up-ticked to 23.10 up from 21.69 on Dec. 9, staying above the oversold threshold of 20.00.

Germany's Deutsche Boerse DAX

Image placeholder title

Courtesy of MetaStock Xenith

In Germany, the DAX is in bull market territory 31.2% above its Feb. 11 low of 8,699.29 as of 6:00 AM this morning. The 2016 second half high is 11,430.51 set by 6:00 AM on Dec. 16. The index is 7.9% below its April 10, 2015 high of 12,390.75.

The weekly chart for the German DAX is positive with the average above its key weekly moving average of 10,843.16 and above its 200-week simple moving average of 9,810.94. This "reversion to the mean" last held during the week of July 8 when the average was 9,454.31. The weekly momentum reading is projected to rise to 74.40 this week up from 70.48 on Dec. 9.

Dow Jones Industrial Average

Image placeholder title

Courtesy of MetaStock Xenith

The Dow Jones Industrial Average set an all-time intraday high of 19,966.43 on Dec. 14 and the upside potential is to 20,026 to 20,485 by year end.

The weekly chart for the Dow 30 is positive but overbought with the average above its key weekly moving average of 19,085.06 and well above the 200-week simple moving average of 16,909.95. This "reversion to the mean" was last tested during the week of Feb. 12 when the average was 15,819.45. The weekly momentum reading is projected to rise to 86.95 this week up from 82.02 on Dec. 9, moving further above the overbought threshold of 80.00.

S&P 500

Image placeholder title

Courtesy of MetaStock Xenith

The S&P 500set its all-time intraday high of 2,277.53 on Dec. 13 and the upside potential is to 2,402.1 to 2,461.3.

The weekly chart for the S&P 500 is positive but overbought with the average above its key weekly moving average of 2,200.91. The average is above its 200-week simple moving average of 1,945.82. The weekly momentum reading is projected to rise to 81.88 this week up from 77.02 on Dec. 9, moving above the overbought threshold of 80.00.

Nasdaq Composite 

Image placeholder title

Courtesy of MetaStock Xenith

The Nasdaq set its all-time intraday high of 5,486.75 on Dec. 13 and the upside to 5,421 has been achieved. A higher level is 5,826, is highly unlikely by year end.

The weekly chart for the Nasdaq is positive with the average above its key weekly moving average of 5,327.62. The index is well above its 200-week simple moving average at 4,501.16. The weekly momentum reading is projected to rise to 78.30 this week up from 75.46 on Dec. 9.

Dow Jones Transportation Average

Image placeholder title

Courtesy of MetaStock Xenith

Dow Transports set its all-time intraday high of 9,490.29 on Dec. 9, and the upside is into the 9,318 to 9,634 range by the end of 2016, and the high is within this risky area.

The weekly chart for transports is positive but overbought with the average above its key weekly moving average of 8,825.12 and above its 200-week simple moving average at 7,759.23. This "reversion to the mean" was last tested during the week of July 8 when the average was 7,421.76. The weekly momentum reading is projected to slip slightly to 93.39 this week down from 93.62 on Dec. 9, with both readings well above the overbought threshold of 80.00.

Russell 2000

Image placeholder title

Courtesy of MetaStock Xenith

The Russell 2000 set all-time intraday high of 1,392.71 on Dec. 9, and the upside is to 1,420.95 to 1,441.92.

The weekly chart for Russell 2000 is positive but overbought with the index above its key weekly moving average of 1,310.01 and above its 200-week simple moving average of 1,141.43. The weekly momentum reading is projected to rise to 83.84 up from 80.82 on Dec. 9, moving further above the overbought threshold of 80.00.

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