In the aftermath of the Paris terrorism, stock futures opened lower Sunday night, continuing Friday's decline in the wake of the news. However, they are currently stabilized. 

What does this mean for the week ahead? The weekly charts last week showed the possibility all five major averages may end this week below their key weekly moving averages. Weekly momentum readings shifted from rising to declining. That means negative weekly charts and the stock market will not set new highs for at least the remainder of 2015.

At the end of September the weekly charts indicated stocks would begin the fourth quarter in rally mode. This rally appears to be ending and negative weekly signals this week will confirm this. This means that the major averages will stay within the trading ranges set since the second half of the year began.

A technical reason for the fourth quarter rally that lead to the recent highs was rising weekly momentum which began shortly following the "Black Monday" lows of Aug. 24. The averages rose quickly off these lows, which caused a positive divergence in momentum. One consideration in calculating momentum is the lowest low over the last 12 weeks. This week is the twelfth week since this low. A component of momentum is how much the market is above the lowest low over the last 12 weeks and that influence is coming to an end.

Here's this week's scorecard:

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The Dow Jones Industrial AverageI:DJI closed at 17,245.24 on Friday, up 5.9% so far in the fourth quarter, down 3.4% year to date and 6% below its all-time high of 18,351.35 set on May 19.

The S&P 500 I:GSPC closed at 2,023.04 on Friday up 5.4% so far in the fourth quarter, down 1.7% year to date and 5.2% below its all-time high of 2,134.72 set on May 20.

The Nasdaq CompositeI:IXIC closed at 4,927.88 on Friday up 6.7% so far in the fourth quarter, up 4.1% year to date and 5.8% below its all-time high of 5,231.94 set on July 20.

The Dow Jones Transportation AverageI:DJT closed at 8,010.27 on Friday up 2.9% so far in the fourth quarter, down 12.4% year to date and in correction territory 14% below its all-time high of 9,310.33 set on Nov. 28. 2014.

The Russell 2000 closed at 1,146.55 on Friday up 4.2% so far in the fourth quarter and down 4.8% year to date, and in correction territory 11.5% below its all-time high of 1,296.00 set on June 23.

Here's the weekly chart and how to trade the Dow 30 using the SPDR Dow Jones Industrial Average ETF (DIA) - Get Report , aka Diamonds.


Courtesy of MetaStock Xenith

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Diamonds closed at $172.61 on Friday, up 6.1% so far in the fourth quarter and down 3% year to date, and is 5.9% below its all-time intraday high of $183.35 set on May 20.

The weekly chart has been downgraded to neutral, with the stock below its key weekly moving average of $172.76 with momentum of 82.76, now overbought above the 80.00 threshold. The 200-week simple moving average is rising at $155.39, last tested at the flash crash of Aug. 24 when the average was $152.69 and the low was $150.57.

Investors looking to buy Diamonds should place a good till canceled limit order to buy the exchange-traded fund if it drops to $167.52, which is a key level on technical charts until the end of November.

Investors looking to reduce holdings should place a good until canceled limit order to sell the ETF if it rises to $180.31, which is a key level on technical charts until the end of this week.

Here's the weekly chart and how to trade the S&P 500 using the SPDR S&P 500 ETF Trust (SPY) - Get Report , aka Spiders.


Courtesy of MetaStock Xenith

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Spiders closed at $202.54 on Friday, up 5.7% so far in the fourth quarter and down 1.5% year to date, and 2.8% below its all-time intraday high of $213.78 on May 20.

The weekly chart has been downgraded to neutral, with the ETF below its key weekly moving average of $203.77 with its momentum reading of 77.20 up from 73.54 on Nov. 6. The 200-week simple moving average of $175.09 is a longer-term technical support.

Investors looking to buy Spiders should place a good till canceled limit order to buy the ETF if it drops to $199.85, which is a key level on technical charts for the month of November.

Investors looking to reduce holdings should place a good until canceled limit order to sell the ETF if it rises to $209.84, which is a key level on technical charts until the end of this week.

Here's the weekly chart and how to trade the PowerShares QQQ Trust ETF (QQQ) - Get Report , known as QQQ.


Courtesy of MetaStock Xenith

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QQQ had a close of $109.84 on Friday, up 7.9% so far in the fourth quarter and up 6.4% year to date after setting an all-time high of $115.47 on Nov. 11.

The weekly chart has been downgraded to neutral with the ETF just below its key weekly moving average of $109.85 with momentum at 87.92, a significantly above the overbought threshold of 80.00. This ETF is well above its 200-week simple moving average of $84.74, last tested during the week of July 2, 2010 when the average was $42.48.

Investors looking to buy QQQ should place a good till canceled limit order to buy the ETF if it drops to $108.29, which is a key level on technical charts until the end of November.

A key level on technical charts at $110.87 will be in play until the end of 2015.

Investors looking to reduce holdings should place a good until canceled limit order to sell the ETF if it rises to $112.91, which is a key level on technical charts until the end of this week.

Here's the weekly chart and how to trade Dow Transports using the iShares Transportation Average ETF (IYT) - Get Report , aka Transports.


Courtesy of MetaStock Xenith

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Transports had a close of $144.21 on Friday, up 3.1% so far in the fourth quarter and down 12.1% year to date, and solidly in correction territory 14.1% below its all-time intraday high of $167.80 set on Nov. 28, 2014.

The weekly chart has been downgraded to neutral with the ETF below its key weekly moving average of $145.82. Transports is above its 200-week simple moving average of $125.48, last tested during the week of Oct. 7, 2011 when the average was $77.84. The weekly momentum reading rose to 75.78 last week up from 74.37 on Nov. 6.

Note the weekly "key reversal" as last week's high was the highest high since "Black Monday", August 24. The close on Friday was below the low of the week of Nov. 6 of $146.06.

Investors looking to buy Transports should place a good till canceled limit order to buy the ETF if it drops to $141.41, which is a key level on technical charts until the end of 2015.

Investors looking to reduce holdings should place a good until canceled limit order to sell the ETF if it rises to $146.71, which is a key level on technical charts until the end of this week.

Here's the weekly chart and how to trade small caps using the iShares Russell 2000 ETF (IWM) - Get Report .


Courtesy of MetaStock Xenith

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The small-cap exchange-traded fund closed at $114.07 on Friday, up 4.5% so far in the fourth quarter and down 4.6% year to date and back in correction territory 11.6% below its all-time intraday high of $129.10 set on June 24.

The weekly chart has been downgraded to neutral with the ETF below its key weekly moving average of $115.74. The Small cap index is above its 200-week simple moving average of $103.72, last tested during the week of Oct. 7, 2011 when the average was $65.19. The weekly momentum reading rose to 55.30 last week up from 50.06 Nov. 6.

Investors looking to buy the small cap ETF should place a good till canceled limit order to buy the ETF if it drops to $95.04 and $94.97 which are key levels on technical charts until the end of 2015.

A key level of $115.72 remains in play until the end of November.

Investors looking to reduce holdings should place a good until canceled limit order to sell the ETF if it rises to $126.08, which is a key level on technical charts until the end of 2015.

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