Just what the five major U.S. stock averages didn't need -- another statement from the Federal Reserve.

At its meeting this week, the central bank voiced concerns about global economic growth. In its statement, the Fed said it is "closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook."

Because of that uncertainty, it left interest rates unchanged -- for now.

But what the Fed statement did was shift the forces of market volatility from the price of crude oil -- which has been increasing ever so slightly -- to overseas economic developments.

Oil bottomed on Jan. 20, along with the U.S. stock market. This was not unexpected based upon my proprietary technical analytics. My key level of $29.90 will still be in play until the end of March. This was a magnet after the low of $27.56 set on Jan. 20. The key level for January was $34.07, which was crossed several times since Jan. 7.

The Bank of Japan seemed to answer the Fed by cutting interests rates to below zero for the first time ever. The BOJ thinks quantitative easing still in place plus negative rates will stimulate investments. After 26 years of policy failures, negative rates in Japan will slow spending even more. The yield on the Japanese 10-year bond is now -0.11%, given savors no money to invest or spend. 

Every major equity average around the world is either in correction territory or in bear market territory. These down trends began shortly after the Fed's Federal Open Market Committee raised the federal funds rate on Dec. 16. The five major U.S. averages have stabilized after those Jan. 20 lows.

U.S. investors should be shifting their focus from tracking the ups and downs of crude oil to tracking the overnight movements of the Nikkei 225, Shanghai Composite, Nifty 50 and Germany's Deutsche Boerse DAX.

The major global force is the weakness from the world's second-largest economy. China had its worst global growth numbers in 25 years in 2015. The Shanghai Composite has been setting new 52-week lows so far in 2016 and is down 22.69% year to date, and down 47.1% since June 2015.

What should you do next? Let's look at the charts for some world markets and the five U.S. stock averages.

First, here's the latest global markets scorecard.

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


Courtesy of MetaStock Xenith

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The Nikkei 225 closed Friday at 17,518.30, down 8% year to date and in correction territory 16.4% below its multiyear high of 20,952.71 set on June 24.

The weekly chart is negative with the index below its key weekly moving average of 18,059 indicating risk to the 200-week simple moving average of 14,751. The weekly momentum reading decline to 30.82 this week down from 34.93 on Jan. 22. 

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


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The Shanghai Composite had a close of 2,737.65 on Friday, down 22.6% year to date and deep into bear market territory 47.1% below its June 12 multiyear high of 5,178.19.

The weekly chart is negative with the index below its key weekly moving average of 3,154. The index is above its 200-week simple moving average of 2,613. The weekly momentum reading declined to 30.78 this week down from 42.48 on Jan. 22.

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


Courtesy of MetaStock Xenith

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The Nifty 50 closed at 7,563.55 on Friday, down 4.8% year to date and in correction territory 17.1% below its all-time high of 9,119.20 set on March 4.

The weekly chart is neutral with the index below its key weekly moving average of 7,656 with the 200-week simple moving average a key support at 6,854. The weekly momentum reading is about unchanged this week versus 21.64 on Jan. 22 territory.

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


Courtesy of MetaStock Xenith

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The German DAX was trading at 9,697.74 premarket on Friday, down 9.7% year to date and in bear market territory 21.7% below its all-time high of 12,390.75 set on April 10.

The weekly chart is negative with the index below its key weekly moving average of 10,119 with its 200-week simple moving average a key support off 9,089. The weekly momentum reading is projected to decline to 26.44 down from 32.48 on Jan. 22.

Here's the weekly chart for the Dow Jones Industrial AverageI:DJI .


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The Dow 30 closed at 16,069.64 on Thursday, down 7.8% year to date and in correction territory 12.4% below its all-time high of 18,351.36 set on May 19.

The weekly chart is negative with the average below its key weekly moving average of 16,653.08. This week the average has been above its 200-week simple moving average of 15,786.12. The weekly momentum reading is projected to decline to 29.69 down from 34.66 on Jan. 22.

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


Courtesy of MetaStock Xenith

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The S&P 500 closed at 1,893.36 on Thursday down 7.4% year to date and in correction territory 11.3% below its all-time high of 2,134.72 set on May 20.

The weekly chart is negative with the average below its key weekly moving average of 1,959.5. The average is just above its 200-week simple moving average of 1,785.0. The weekly momentum reading is projected to decline to 29.68 down from 33.25 on Jan. 22.

Here's the weekly chart for the Nasdaq CompositeI:IXIC .


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The Nasdaq closed at 4,506.6 on Thursday down 10% year to date and in correction territory 13.9% below its all-time high of 5,231.94 set on July 20.

The weekly chart is negative with the average below its key weekly moving average of 4,737.1. The average is above its 200-week simple moving average of 4,042.3. The weekly momentum reading is projected to decline to 32.32 down from 37.87 on Jan. 22.

Here's the weekly chart for the Dow Transports.


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Dow transports closed at 6,701.97 on Thursday, down 10.7% year to date and in bear market territory 28% below its all-time high of 9,310.33 set on Nov. 28, 2014.

The weekly chart is negative but oversold with transports below its key weekly moving average of 7,171 and below its 200-week simple moving average of 7,130. The weekly momentum reading is projected to decline to 14.57 this week down from 14.92 on Jan. 22 deep in oversold territory.

Here's the weekly chart for the Russell 2000.


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The Russell 2000 closed at 1,003.27 on Thursday down 11.7% year to date and in bear market territory 22.6% below its all-time high of 1,296.00 set on June 23.

The weekly chart is negative with small caps below its key weekly moving average of 1,071.98 and below its 200-week simple moving average of 1,059.09. The weekly momentum reading is projected to decline to 23.07 this week down from 25.59 on Jan. 22.

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