Just when you think the bull market is done, it returns in full force. U.S. Investors woke up Monday to a potential new all-time high for the S&P 500 I:GSPC as the broadest benchmark for the five U.S equity averages appears poised to trade above its all-time intraday high of 2,134.72 set back on May 20, 2015. 

Helping the bulls was overnight strength in Japan as the Nikkei 225 surged 4% to 15,708.82. Buyers beware that Japan'e benchmark remains in bear market territory 25% below its multiyear high of 20,952.71 set on June 24, 2015.  

The five exchange-traded funds that best track the major U.S. equity averages are on the cusp of having positive weekly charts simultaneously.

The weekly charts for the ETFs that track Dow Jones Industrial AverageI:DJI and the S&P 500, the Nasdaq and transports ended last week positive, but transports remain deep in correction territory 17.9% below its all-time high set in Nov. 2014.

This week's outlier is the small-cap ETF, which had a weekly close above its key weekly moving average but with a declining momentum reading.

Even with last week's strong rebound for stocks, "flight to safety" investments continue to outperform. The ETFs representing treasury bonds, gold and dividend-paying utilities have year-to-date gains of 19.1%, 28.6% and 21.4%, respectively at the end of last week up from readings of 16.6%, 26.6% and 21.3% the week before. Bonds and utilities set all-time highs, while gold set a 52-week high.

The Dow Jones Industrial Average can be traded using the SPDR Dow Jones Industrial Average ETF (DIA) - Get Report , aka Diamonds. This ETF closed Friday at $181.30, up 4.2% year to date and is just 1.1% below its all-time high of $183.35 set on May 20, 2015.

The S&P 500 can be traded using the SPDR S&P 500 ETF Trust (SPY) - Get Report , aka Spiders. This ETF closed Friday at $212.65, up 4.3% year to date and is just 0.5% below its all-time high of $213.78 set on May 20, 2015.

The Nasdaq is best traded using the PowerShares QQQ Trust ETF (QQQ) - Get Report , dubbed QQQ. This ETF closed Friday at $110.30, down 1.4% year to date and is 4.7% below its all-time high of $115.75 set on Dec. 2, 2015. Keep in mind that this ETF has not yet filled the gap to its Dec. 31 low of $111.84.

The Dow Jones Transportation Average can be traded using the iShares Transportation Average ETF (IYT) - Get Report . This ETF closed Friday at $137.72, up 2.2% year to date and is in correction territory 17.9% below its all-time high of $167.80 set on Nov. 28, 2014.

The Russell 2000 can be traded using the iShares Russell 2000 ETF (IWM) - Get Report . This ETF closed Friday at $116.79, up 3.7% year to date and is nearly in correction territory 9.5% 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

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart for Diamonds has been upgraded to positive from neutral with the ETF above its key weekly moving average of $177.75 and well above its 200-week simple moving average of $162.91. The weekly momentum reading ended last week at 54.78 up from 51.46 on July 1.

Investors looking to buy this Diamonds should do so on weakness to $172.49, which is a key level on technical charts until the end of July. A weekly close below $172.49 indicates risk $145.61 by the end of the year.

Investors looking to reduce holdings should do so on strength to $181.58, which is a key levels on technical charts until the end of Sept. A weekly close above $181.58 indicates upside to the all-time high of $183.78 set on May 20, 2015 with an outside chance of $204.48 by the end of the year.

Spiders

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart for Spiders has been upgraded to positive from neutral with the ETF above its key weekly moving average of $208.24 and well above its 200-week simple moving average of $186.28. The weekly momentum reading ended last week at 59.34 up from 58.44 on July 1.

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. A weekly close below $201.08 indicates downside risk is to $163.38 by the end of 2016.

Investors who looked to reduce holdings last week could have done so on strength to $212.02, which remains a key level on technical charts until the end of Sept. A weekly close above $212.02 indicates upside potential to the all-time high of $213.78 set on May 20, 2015 and an outside chance of $245.56 by the end of the year.

QQQ

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart for QQQ has been upgraded to positive from neutral with the ETF above its key weekly moving average of $107.90 and well above its 200-week simple moving average of $92.04. The weekly momentum reading rose to 48.74 last week up from 47.00 on July 1.

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. A weekly close below $102.86 indicates risk to $96.72 by the end of 2016.

Investors looking to reduce holdings should do so on strength to $111.51, which would fill the price gap to the Dec. 31 low. The upside above the gap is $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

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart for the transportation ETF has been upgraded to positive from negative with the ETF above its key weekly moving average of $136.94 and is above its 200-week simple moving average of $132.92. The weekly momentum reading ended last week at 34.65 up from 33.90 on July 1.

Investors looking to buy the transportation ETF should consider doing so on weakness to $126.82 and $123.82, which are key levels on technical charts until the end of July and the end of 2016, respectively.

The $136.24 level should be a magnet for the remainder off 2016.

Investors looking to reduce holdings should do so on strength to $142.30, which is a key level on technical charts until the end of Sept. A weekly close above $142.30 indicates potential to $167.80, which is the all-time high set on Nov. 28, 2014. There is an outside chance of a test of $172.27 by the end of 2016.

Small-Caps

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart for the small cap ETF remains neutral with the ETF above its key weekly moving average of $114.16 and above its 200-week simple moving average of $108.82, which was tested on weakness on the Brexit vote. The weekly momentum reading ended last week at 68.00 down from 69.50 on July 1.

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

The $112.44 level should be a magnet through September.

Investors looking to reduce holdings should do so on strength to $120.10, which is a key level on technical charts until the end of this week. Above is the all-time high of $129.10 set on June 24, 2015. There's an outside chance of strength to $143.23 by the end of the year.

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