The weekly charts for the Dow Jones Industrial AverageI:DJI , the S&P 500 undefined , the Nasdaq CompositeI:IXIC , the Dow Jones Transportation AverageI:DJT and the Russell 2000 have been negative since the end of 2015, and only transports has become oversold. All five indices set 2016 lows on Jan. 20, just as crude oil prices bottomed.

Day-to-day market volatility is shifting from the ups and downs of crude oil to the reaction to economic news from overseas. Oil is down 2% in premarket trading, but is trading above key levels of $29.90 and $26.97, in effect until the end of March and for February, respectively. In China, the latest reading on manufacturing fell to a three-year low and the Shanghai Composite declined 1.8%.

The five U.S. equity averages appear set for lower opens and can be traded just like stocks using exchange-traded funds via SPDR Dow Jones Industrial Average ETF (DIA) - Get SPDR Dow Jones Industrial Average ETF Trust Report , a.k.a. Diamonds; SPDR S&P 500 ETF Trust (SPY) - Get SPDR S&P 500 ETF Trust Report , a.k.a. Spiders; PowerShares QQQ Trust ETF (QQQ) - Get Invesco QQQ Trust Report , known as QQQs, which represents the Nasdaq 100; the iShares Transportation Average ETF (IYT) - Get iShares Transportation Average ETF Report ; and iShares Russell 2000 ETF (IWM) - Get iShares Russell 2000 ETF Report .

Today's scorecard for the ETFs that represent the five major U.S. equity averages is below.

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


Courtesy of MetaStock Xenith

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Diamonds closed Friday at $164.37, down 5.5% year to date and in correction territory, 10.4% below its May 20 high of 183.35. Diamonds is still above its flash-crash low of $150.57, set on Aug. 24.

The weekly chart is negative, with the ETF below its key weekly moving average of $167.13. At its Jan. 20 low of $154.38, the ETF was below its 200-week simple moving average of $157.66. The weekly momentum reading declined to 31.16 last week, down from 34.62 on Jan. 22.

Investors looking to buy Diamonds should enter a good-till-canceled limit order to buy this ETF if it drops to $161.40, which is a key level on technical charts until the end of February. Investors looking to reduce holdings should enter a GTC limit order to sell this ETF if it rises to $177.66, which is a key level on technical charts until the end of March.

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


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Spiders closed Friday at $193.72, down 5% year to date. It is down 9.4% from its May 20 high of $213.78. This ETF set its 2016 low of $181.02 on Jan. 20.

The weekly chart is negative, with the ETF below its key weekly moving average of $196.71, with its 200-week simple moving average a major support of $178.60. The weekly momentum reading declined to 30.75 last week, down from 32.44 on Jan. 22.

Investors looking to buy Spiders should enter a good-till-canceled limit order to buy this ETF if it declines to $191.83, which is a key level on technical charts until the end of February. Investors looking to reduce holdings should enter a GTC limit order to sell this ETF if it rises to $214.64, which is a key level on technical charts until the end of March.

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Here's the weekly chart for PowerShares QQQ Trust ETF.


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The QQQs closed Friday at $104.13, down 6.9% year to date. It is in correction territory, 10% below its Dec. 2 high of $115.75. The ETF traded as low as $97.25 on Jan. 20.

The weekly chart is negative, with this ETF below its key weekly moving average of $106.76. Its 200-week simple moving average is a major support of $87.25. The weekly momentum reading declined to 35.18 last week, down from 39.33 on Jan. 22.

Investors looking to buy QQQs should enter a good-till-canceled limit order to buy this ETF if it declines to $98.63, which is a key level on technical charts for this week only. Investors looking to reduce holdings should enter a GTC limit order to sell this ETF if it rises to $106.06, which is a key level on technical charts until the end of February.

Here's the weekly chart for the iShares Transportation Average ETF.


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The Transports ETF closed Friday at $123.77, down 8.1% year to date. It is in bear market territory, 26.2% below its Nov. 28, 2014, high of $167.80. The Jan. 20 low was $114.91.

The weekly chart is negative but oversold, with the ETF below its key weekly moving average of $129.43. It is also below its 200-week simple moving average of $127.67. The weekly momentum reading rose to 14.96 last week, up from 14.14 on Jan. 22, with both readings below the oversold threshold of 20.00.

Investors looking to buy transports should enter a good-till-canceled limit order to buy this ETF if it declines to $112.08, which is a key level on technical charts until the end of this week. Investors looking to reduce holdings should enter a GTC limit order to sell this ETF if it rises to $136.24, which is a key level on technical charts until the end of 2016.

Here's the weekly chart for the iShares Russell 2000 ETF.


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The small-cap ETF closed Friday of $102.96, down 8.6% year to date. It is in bear market territory, 20.2% below its June 24 high of $129.10. The Jan. 20 low was $95.06.

The weekly chart is negative, with the ETF below its key weekly moving average of $107.14. It is also below its 200-week simple moving average of $105.30. The weekly momentum reading declined to 24.16 last week, down from 24.84 on Jan. 22.

Investors looking to buy the small-cap ETF should enter a good-till-canceled limit order to buy the ETF it drops to 97.05, which is a key level on technical charts until the end of this week. Investors looking to reduce holdings should enter GTC limit orders to sell this ETF if it rises to $117.48, which is a key level on technical charts until the end of March. An annual key level of $103.68 should be a magnet all year.

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