All five exchange-traded funds tracking the five major U.S. equity averages have positive weekly charts, showing a continued bull market, even as fundamentals are stretched.

The weekly charts for the ETFs that track Dow Jones Industrial AverageI:DJI and the S&P 500 I:GSPC , the Nasdaq 100, transports and small caps ended last week positive, but transports remain in correction territory 14.2% below its all-time high set in November 2014.

The SPDR Dow Jones Industrial Average ETF (DIA) - Get Report , aka Diamonds, closed Friday at $184.88, up 6.3% year to date and set an all-time of $185.50 on July 15.

The SPDR S&P 500 ETF Trust (SPY) - Get Report , aka Spiders ,closed Friday at $215.83, up 5.9% year to date and set an all-time high of $217.01 on July 15.

The Nasdaq 100, the PowerShares QQQ Trust ETF (QQQ) - Get Report , dubbed QQQ, closed Friday at $111.80, down just 0.1% year to date and is 3.4% below its all-time high of $115.75 set on Dec. 2, 2015.

The iShares Transportation Average ETF (IYT) - Get Report closed Friday at $143.36, up 6.4% year to date and is still in correction territory 14.6% below its all-time high of $167.80 set on Nov. 28, 2014.

The iShares Russell 2000 ETF (IWM) - Get Reportclosed Friday at $119.70, up 6.3% year to date and 7.3% below its all-time high of $129.10 set on June 24, 2015.

Here are the weekly charts and trading levels for the five stock market ETFs.

Diamonds

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The weekly chart for Diamonds is positive with the ETF above its key weekly moving average of $179.18 and well above its 200-week simple moving average of $163.15. The weekly momentum reading ended last week at 67.02 up from 54.78 on July 8.

Investors looking to buy Diamonds should do so on weakness to $172.49, which is a key level on technical charts until the end of July. The downside risk is to $145.61 by the end of 2016.

Quarterly and weekly key levels are $181.58 and $184.30, respectively.

Investors looking to reduce holdings should do so on strength to $199.85 and $204.48, which are key levels on technical charts until the end of 2016.

Spiders

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The weekly chart for Spiders is positive with the ETF above its key weekly moving average of $209.76 and well above its 200-week simple moving average of $186.62. The weekly momentum reading ended last week at 69.87 up from 59.34 on July 8.

Investors looking to buy Spiders should do so on weakness to $201.08 which is a key level on technical charts until the end of July. The downside risk is to $163.38 by the end of 2016.

Quarterly and weekly key levels are $212.02 and $215.53, respectively.

Investors looking to reduce holdings should do so on strength to $239.86 and $245.56, which are key levels on technical charts until the end of 2016.

QQQ

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The weekly chart for QQQ is positive with the ETF above its key weekly moving average of $108.68 and well above its 200-week simple moving average of $92.25. The weekly momentum reading rose to 60.14 last week up from 48.74 on July 8.

Investors looking to buy QQQ should do so on weakness to $102.86, which is a key level on technical charts until the end of July. The downside risk is to $96.72 by the end of 2016.

A weekly key level is noted at $111.73.

Investors looking to reduce holdings should do so on strength to $117.78, which is a key level on technical charts until the end of Sept. This would be above the all-time high of $115.75 set on Dec. 12, 2015.

Transports

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The weekly chart for the transportation ETF is positive with the ETF above its key weekly moving average of $138.22 and is above its 200-week simple moving average of $133.17. The weekly momentum reading ended last week at 44.76 up from 34.65 on July 8. The week begins with a trading range between the 50% Fibonacci retracement at $141.36 and the 61.8% retracement of $147.59.

Investors looking to buy the transportation ETF should consider doing so on weakness to $136.24, which is a key level on technical charts until the end of 2016.

The $142.30 should be a magnet until the end of Sept.

Investors looking to reduce holdings should do so on strength to $167.06 and $172.27, which are key levels on technical charts until the end of 2016. The all-time high is $167.80 set on Nov. 28, 2014.

Small-Caps

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The weekly chart for the small-cap ETF is positive with the ETF above its key weekly moving average of $115.26 and above its 200-week simple moving average of $108.98. The weekly momentum reading ended last week at 72.70 up from 68.00 on July 8. Note that this ETF is above its 61.8% Fibonacci retracement of $115.53.

Investors looking to buy the ETF should do so on weakness to $112.44, $108.10 and $103.68, which are key levels on technical charts until the end of Sept., the end of July and the end of 2016, respectively. Another annual level is $93.42.

Investors looking to reduce holdings should do so on strength to $141.17 and $143.23, which are key levels on technical charts until the end of 2016, and above the all-time high of $129.10 set on June 24, 2015.

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