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NEW YORK (TheStreet) -- The "Santa Claus Rally" still faces the headwinds of a blizzard: slow global economic growth, weak crude oil prices and the strong dollar. But after a pullback of 5% to 6% for the major equity averages by Wednesday, the Federal Reserve's Open Market Committee came to the rescue.

Because of these cross-currents, the major equity averages have had huge jolts of volatility so far in December.

The Nasdaq (QQQ) - Get Invesco QQQ Trust Report set a multiyear intraday high at 4,810 on Nov. 28, with the Dow Transports (IYT) - Get iShares US Transportation ETF Report setting an all-time intraday high at 9,319. And the Dow Industrial Average (DIA) - Get SPDR Dow Jones Industrial Average ETF Trust Report and S&P 500 (SPY) - Get SPDR S&P 500 ETF Trust Report set all-time intraday highs at 17,991 and 2,079, respectively, on Dec. 5.

Stocks rebounded after the Fed statement maintained that it will take a "considerable time" to increase the 0.00% to 0.25% federal funds rate. New wording indicates that the Federal Reserve will be patient on the timing of a normalization of monetary policy. "Considerable time" looks like it means "for the next couple of FOMC meetings." So normalization can begin as early as the Fed's third meeting in 2015, on April 28 and 29. Most economists had been expecting the first rate increase to be as early as the April meeting and as late as the June 16 to 17 meeting.

Last week's close was 17,284 for the Dow Industrials, down 675 points. The S&P 500 lost 73 points to 2,002.4. The Nasdaq plunged 127 points to 4,654. Dow Transports ended last week at 8,837, down 315 points.

Last Friday's closes straddled their key moving averages at 17,467 for the Dow Industrials, 2,023.9 for the S&P 500, 4,652 for the Nasdaq and 8,880 for the Dow Transports. Technical momentum was still extremely overbought, with readings between 91.00 and 89.00, well above the 80.00 overbought threshold.

The huge post-FOMC rally still has the major averages below their Dec. 5 closes, though.

But the Dow Utility Average set an all-time high at 613.67 on Thursday, as investors continue to seek the safety of dividend stocks. Utilities are up 25% year to date vs. 7.2% for the Dow 30, 11% for the S&P 500, 14% for the Nasdaq and 21% for the Dow Transports.

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U.S. Treasuries continue to outperform as well, with the Bond ETF (TLT) - Get iShares 20+ Year Treasury Bond ETF Report up 22% year to date.

Here are updated trading profiles for U.S. market ETFs.

SPDR Dow Jones Industrial Average ETF (DIA) - Get SPDR Dow Jones Industrial Average ETF Trust Report ($177.79) is above its 50-day and 200-day simple moving averages at $172.84 and $168.50, respectively. The key weekly moving average has risen to $175.21, with a key monthly technical level at $177.13 and a quarterly technical level at $179.99.

SPDR S&P 500 ETF (SPY) - Get SPDR S&P 500 ETF Trust Report ($206.78) is above its 50-day and 200-day SMAs at $200.68 and $195.02, respectively. The key weekly moving average has risen to $203.52, with key semiannual, quarterly and monthly technical levels at $207.51, $209.13 and $209.35.

PowerShares QQQ Trust ETF (QQQ) - Get Invesco QQQ Trust Report ($104.29) is above its 50-day and 200-day SMAs at $101.01 and $95.05, respectively. The key weekly moving average has risen to $102.75, with a key monthly technical level at $107.80.

iShares Transportation Average ETF (IYT) - Get iShares US Transportation ETF Report ($160.73) is above its 50-day and 200-day SMAs at $157.21 and $147.54, respectively. The key weekly moving average has slipped to $159.68, with key monthly and quarterly technical levels at $167.75 and $168.32, respectively.

Utilities Select Sector SPDR Fund (XLU) - Get Utilities Select Sector SPDR Fund Report ($47.20) is above its 50-day and 200-day SMAs at $45.19 and $42.99, respectively. The utility ETF set an all-time intraday high at $47.22 on Dec. 18. The key weekly moving average rose to $45.60. Key technical levels remain at $42.90 and $46.59.

iShares 20+ Year Treasury Bond ETF (TLT) - Get iShares 20+ Year Treasury Bond ETF Report ($124.20) is above its 50-day and 200-day SMAs at $120.98 and $114.92, respectively. The key weekly moving average has risen to at $121.84.

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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.