There are several factors causing stock market concerns around the globe: negative interest rates in Japan and Germany, uncertainties in Europe as the United Kingdom begins the process to leave the European Union, and a return of weakness in energy prices.

It's a global story that has forced investors into less risky investments.

"Flight to safety" investments into U.S. treasuries, gold and dividend stocks such as the utilities sector have been a major focus all year long. "Risk-on" stock investments lack investor traction.

Warning flags still fly from the "flight to safety" investments:

  • The yield on the U.S. Treasury 30-year bond plunged to an all-time low of 2.098% on July 6, below my key level for the third quarter of 2.150%, which is now a pivot or magnet.
  • The 20+ Year Treasury Bond ETF (TLT) - Get Report , which is an exchange-traded fund backed by a basket of U.S. Treasury bonds with maturities of 20 years to 30 years, has a gain of 18.4% year to date.
  • Comex gold traded to a multiyear high of $1,377.5 on July 6, still well shy of my 2016 target of $1,639.9. The SPDR Gold Shares ETF (GLD) - Get Report , which is backed by gold bullion, has a gain of 27.9% year to date.
  • The Dow Utility Average traded to an all-time high of 723.83 on Wednesday and closed Thursday at 710.20, up 22.9% year to date. The Utilities Select Sector SPDR Fund (XLU) - Get Report , which is a basket of 29 utility stocks, has a gain of 20.1% year to date.
  • The weekly chart for Nymex crude oil will end the week negative with a close on Friday below its key weekly moving average of $46.79. My annual pivot remains $44.07 with key levels of $51.26 and $57.18 as the best case highs for the remainder of the year. This week's low has been $44.87.

There are also warning flags for the nine global equity indices.

  • All five U.S. major averages must close below their key weekly moving averages on Friday to shift to negative. These averages are 17,740 for the Dow Jones Industrial AverageI:DJI , 2077.9 for the S&P 500 I:GSPC , 4832 for the Nasdaq CompositeI:IXIC , 7593 for Dow transports and 1141.05 for the Russell 2000 (IWM) - Get Report . Transports is the only one of the five below its key weekly moving average.
  • The Nasdaq is still well below its price gap to its Dec. 31 low of 5,007.01. The Nasdaq is the only major average that has not passed its one-year anniversary of its all-time high; its all-time intraday high of 5,231.94 set on July 20, 2015.
  • The Nikkei 225 remains in bear market territory with a negative weekly chart. Keep in mind that this benchmark index peaked at 38,957.44 in December 1989 and bottomed at 6,994.90 in October 2008, and that the 23.6% Fibonacci Retracement of 14,528.91 has been a magnet since August 1992.
  • The Shanghai Composite has not recovering from its crash of 2015 and the Aug. 24, 2015, flash crash. Remember that the 2015 popped bubble is within the prior bubble that popped after the all-time high of 6,124.04, set in October 2007.
  • India's Nifty 50 has a positive but overbought weekly chart and had just a brief hiccup on Brexit. This benchmark is 8.8% below its all-time high of 9,119.20 set on March 4, 2015.
  • The German DAX has a negative weekly chart and is in bear market territory. This benchmark has not bounced much from its post-Brexit low of 9,214.10, set on June 27.

Here's this week's scorecard for the major global equity averages.

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Here's the weekly chart for Japan's Nikkei 225.

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Courtesy of MetaStock Xenith

The weekly chart for Japan's Nikkei 225 remains negative, with the index below its key weekly moving average of 15,861.54. Friday's close was also below its 200-week simple moving average of 15,600.32. This index is below its 200-week SMA for the first time since the week of Dec. 7, 2012, when this average was 9,510.82. The weekly momentum reading ended the week at 25.88, down from 31.85 on July 1.

My proprietary analytics show risk to 11,424.43 by the end of 2016, as long as weekly closes are below 15,169.74 in July.

Here's the weekly chart for China's Shanghai Composite.

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Courtesy of MetaStock Xenith

The weekly chart for the Shanghai Composite is positive despite a decline of 15.6% year to date and being in bear market territory, fully 42.3% below the June 12, 2015, high of 5,178.19. This index is above its key weekly moving average of 2,918.555 and above its 200-week simple moving average of 2,682.05, an important support that has held since the week of Oct. 31, 2014, when the average was 2,321.69. The weekly momentum reading ended the week at 41.45, up from 37.87 on July 1.

My proprietary analytics show downside risk to 2,645.93 in July, with upside potential to 3,401.89 by the end of the year.

Here's the weekly chart for India's Nifty 50.

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Courtesy of MetaStock Xenith

The weekly chart remains positive but overbought, with the average above its key weekly moving average of 8,126.44. The 200-week simple moving average of 7,152.30 provides key support, which held during the week of March 4, when the average was 6,904.80. The weekly momentum reading ended the week at 85.78, vs. 85.42 on July 1, both well above the overbought threshold of 80.00.

A weekly close below the key weekly moving average with weekly momentum declining below 80.00 will downgrade the weekly chart to negative.

My proprietary analytics show downside risk to 7,657.76 in July, with upside potential to 8,681.13 through September. The downside risk is to 6,151.07 by the end of 2016.

Here's the weekly chart for Germany's Deutsche Boerse DAX.

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Courtesy of MetaStock Xenith

The weekly chart for the German DAX remains negative, with the index below its key weekly moving average of 9,765.23. The DAX is back above its 200-week simple moving average of 9,453.71. The weekly momentum reading is projected to end the week at 37.62, down from 40.67 on July 1.

My proprietary analytics show downside risk to 9,382.34 in July, with upside potential to 10,593.63 through September. The downside risk is to 7,940.74 by the end of 2016.

Here's the weekly chart for the Dow Jones Industrial Average.

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Courtesy of MetaStock Xenith

The weekly chart for the Dow 30 will be either negative or positive if the close on Friday is below or above its key weekly moving average of 17,740.35. The 200-week simple moving average is a key support at 16,310.32. The weekly momentum reading is projected to end the week at 53.27, up slightly from 52.57 on July 1.

My proprietary analytics show downside risk to 17,277 in July, with upside potential to 18,177 through September. The downside risk is to 14,592 by the end of 2016. There is an outside (very low probability) chance of a rally to 20,485 by the end of the year.

Here's the weekly chart for the S&P 500.

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Courtesy of MetaStock Xenith

The weekly chart for the S&P 500 can end the week positive or negative, depending on if the close on Friday is above or below its key weekly moving average of 2,077.92. The 200-week simple moving average is a key support at 1,862.16. The weekly momentum reading is projected to end the week at 60.75, down slightly from 60.98 on July 1.

My proprietary analytics show downside risk to 2013.2 in July, with upside potential to 2,125.2 through September. The downside is 1,632.8 by the end of 2016. There's an outside (very low probability) chance of strength to 2,461.3 by the end of the year.

Here's the weekly chart for the Nasdaq.

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Courtesy of MetaStock Xenith

The weekly chart for the Nasdaq will shift to negative if the average ends the week below its key weekly moving average of 4,832.95. The 200-week simple moving average is a major support at 4,249.87. The weekly momentum reading is projected to end the week at 53.78, down from 54.77 on July 1.

My proprietary analytics show downside risk is to 4,628 in July, with upside potential to 5,214 through September. The downside risk is to 4,248 by the end of 2016. There is an outside (very low probability) chance of upside to 5,826 by the end of the year.

Here's the weekly chart for the Dow Jones Transportation Average.

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Courtesy of MetaStock Xenith

The weekly chart for transports stays negative, given a close on Friday below its key weekly moving average of 7,593.05. The 200-week simple moving average is a major support at 7,420.81. The weekly momentum reading is projected to decline to 32.00, down from 32.73 on July 1.

My proprietary analytics show downside risk to 7,082 in July, with upside potential to 7,938 through September. The downside risk is to 6,926 by the end of 2016. There is an outside (very low probability) chance of upside to 9,634 by the end of the year.

Here's the weekly chart for the Russell 2000.

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Courtesy of MetaStock Xenith

The weekly chart for the Russell 2000 remains neutral, with the index above its key weekly moving average of 1,141.05. Its 200-week simple moving average of 1,094.78 is an important support, which held at the low of 1,085.88, set on June 27. The weekly momentum reading is projected to decline to 64.29 this week, down from 68.25 on July 1.

My proprietary analytics show downside risk to 1083.10 in July, with a pivot of 1,133.16 as a magnet through September. The downside risk is to 1,042.61 and perhaps to 938.79 by the end of 2016. There is an outside (very low probability) chance of upside to 1,441.92 by the end of the year.

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