The Dow Jones Industrial AverageI:DJI and the S&P 500 I:GSPC are the only global averages to set all-time highs in July -- at 18,622.01 and 2,175.63, respectively, on July 20.

The Nasdaq CompositeI:IXIC and the Russell 2000 set fresh 2016 intraday highs of 5,160.16 and 1,222.26, respectively, on Wednesday or Thursday. These are four of the five averages that have overbought weekly momentum. The all-time intraday highs for the Nasdaq and Russell 2000 are 5,231.94 set on July 20, 2015 and 1,296.00 set on June 23, 2015, respectively.

Dow transports continue to lag as this average set its 2016 high of 8,149.00 back on April 20, and is still in correction territory 15.5% below its November 2014 high of 9,310.33.

In Japan, the Nikkei 225 set its 2016 low of 14,864.01 on June 24, after trading as high as 17,572.49 on April 22. This major benchmark is in bear market territory 20.9% below its cycle high of 20,952.71 set on June 24, 2015. The Bank of Japan announced additional easing measures on Friday that were shy of expectations.

In China, the Shanghai Composite still has a positive weekly chart but remains mired in a bear market 42.5% below its June 12, 2015 high of 5,178.19.

In India, the Nifty 50 set its 2016 high of 8,674.70 on Thursday and this average is the fifth to have an overbought weekly chart.

In Germany, the DAX has a been trading back and forth in bear market territory and today is 16.6% below its April 10, 2015 high of 12,390.75 as of 5:00 AM.

Here's this week's scorecard for the major global equity averages. The July 22 levels for the Nifty 50 and German DAX were trading levels at 5 a.m. EDT.

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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 positive with the index above its key weekly moving average of 16,207.04 and above its 200-week simple moving average of 15,713.10. The weekly momentum reading ended the week at 45.78 up from 34.55 on July 22.

My monthly value level is projected to be 14,185 in August with my quarterly risky level of 19,815.54.

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 remains positive with the index is above its key weekly moving average of 2,963.17 and above its 200-week simple moving average of 2,695.95. The weekly momentum reading ended the week at 68.68 up from 62.31 on July 22.

My monthly value level is projected to be 2,272 in August with my semiannual risky level at 3,401.89.

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 8,347.43 and above its 200-week simple moving average of 7,196.03. The weekly momentum reading ended the week at 91.41 up from 89.77 on July 22, moving further above the overbought threshold of 80.00.

My monthly value level is projected to be 8,184 in August with upside potential to 8,681.13 through September, which was close to being tested this week.

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 positive with the index above its key weekly moving average of 9,987.31 and its above its 200-week simple moving average of 9,496.55. The weekly momentum reading is projected to end the week at 60.12 up from 48.94 on July 22.

My monthly value level is projected to be 9,300 in August with upside potential to 10,593.63 through September.

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 is positive but overbought with the average above its key weekly moving average of 18,141.47, and well above the 200-week simple moving average of 16,386.24. The weekly momentum reading is projected to end the week at 83.26 up from 77.67 on July 22 and moving above the overbought threshold of 80.00.

My proprietary analytics shows a quarterly pivot of 18,177 and semiannual risky level of 20,485. The downside risk is still to 14,592 by the end of 2016.

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 is positive but overbought with the index above its key weekly moving average of 2,125.89 and above its 200-week simple moving average of 1,873.02. The weekly momentum reading is projected to end the week at 86.71 up from 81.31 on July 22, moving further above the overbought threshold of 80.00.

My quarterly pivot is 2,125.2 with my semiannual risky level of 2,461.3. The downside risk is to 1,632.8 by the end of 2016.

Here's the weekly chart for the Nasdaq.

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Courtesy of MetaStock Xenith

The weekly chart for the Nasdaq is positive but overbought with the index above its key weekly moving average of 4,973.47, and well above its 200-week simple moving average is a major support at 4,279.30. The weekly momentum reading is projected to end the week at 83.82 up from 76.53 on July 22, moving above the overbought threshold of 80.00.

My upside target for the third quarter of 5,214 is in sight. The downside risk is to 4,248 by the end of 2016, with outside chance of upside potential 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 remains positive with the average above its key weekly moving average of 7,776.65 and above its 200-week simple moving average is a major support at 7,465.74. The weekly momentum reading projected to rise to 66.44 this week up from 55.95 on July 22.

My quarterly pivot of 7,938 has been a magnet since the end of June, and there's upside to 9,634 by the end of the year. An annual pivot is 7,569 with an annual value level of 6.926.

Here's the weekly chart for the Russell 2000.

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Courtesy of MetaStock Xenith

The weekly chart for Russell 2000 remains positive with the index above its key weekly moving average of 1,167.42 and above its 200-week simple moving average of 1,098.36. The weekly momentum reading is projected to rise to 79.00 up from 72.66 July 15.

My proprietary analytics show downside risk to 1,083.10 in July with a pivot of 1,133.16 through September. The downside risk is to 1,042.61 and perhaps to 938.79 by the end of 2016. There is an outside potential 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.