The Dow Jones Industrial AverageI:DJI , the S&P 500 I:GSPC and the Nasdaq CompositeI:IXIC  set closing highs Thursday but intraday highs are more important to track than closing highs. Here's why.

The technical concept of focusing on closing highs goes back to the times when prices were not available on computer screens. I have been using the graphs shown in my stories since 1984 when I began to test-drive the Athena graphics being developed by a firm called Market Vision. Now I use the current version of these graphs on my PC and laptop downloaded from the MetaStock cloud on its Xenith platform. 

Since price bars include "Open, High, Low and Last" prices, the importance of closing highs has diminished. Why headline closing highs when you actually have all-time intraday highs? Technicians use intraday highs and lows when drawing trend lines and in calculating momentum readings.

Strong technical momentum shown on weekly charts paced the Dow 30, the S&P 500 and the Nasdaq Composite to all-time intraday highs this week. The Nasdaq on Tuesday the other two on Thursday.

New 2016 intraday highs were also set this week on the Russell 2000, India's Nifty 50 and the German DAX.

The laggard continues to be the Dow Transports, which remains stuck in correction territory.

In Japan, the Nikkei 225 ended the week just above the bear market threshold, but it is still below its 38.2% Fibonacci Retracement of the downside slide from June 24, 2015.

In China, the Shanghai Composite remains deep on bear market territory versus its June 12, 2015 high.

Here's this week's scorecard for the nine major global equity averages.

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

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Courtesy of MetaStock Xenith

The weekly chart for Japan's Nikkei 225 remains positive with the index above its key weekly moving average of 16,357.20 and above its 200-week simple moving average of 15,791.98. The weekly momentum reading ended the week at 59.40 up from 53.14 on Aug. 5.

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

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Courtesy of MetaStock Xenith

The weekly chart for the Shanghai Composite remains positive with the index is above its key weekly moving average of 2,982.83 and above its 200-week simple moving average of 2,705.33. The weekly momentum reading ended the week at 72.23 up from 69.94 on Aug. 5.

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

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Courtesy of MetaStock Xenith

The weekly chart remains positive but overbought with the average above its key weekly moving average of 8,450.75 and above its 200-week simple moving average of 7,225.32. The weekly momentum reading ended the week at 93.06 up from 92.41 on Aug. 5, moving further above the overbought threshold of 80.00.

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

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Courtesy of MetaStock Xenith

The weekly chart for the German DAX remains positive with the index above its key weekly moving average of 10,197.88 and above its 200-week simple moving average of 9,528.96. The weekly momentum reading is projected to end the week at 78.73 up from 70.20 on Aug. 5.

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

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Courtesy of MetaStock Xenith

The weekly chart for the Dow 30 is positive but overbought with the average above its key weekly moving average of 18,297.13, and well above the 200-week simple moving average of 16,437.2. The weekly momentum reading is projected to end the week at 88.88 up from 86.45 on Aug. 5, moving further above the overbought threshold of 80.00.

My proprietary analytics shows a quarterly pivot of 18,177 and semiannual risky level of 20,485. The downside risk is still to 14,592 by the end of 2016.

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

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Courtesy of MetaStock Xenith

The weekly chart for the S&P 500 is positive but overbought with the index above its key weekly moving average of 2,147.44 and above its 200-week simple moving average of 1,880.44. The weekly momentum reading is projected to end the week at 93.63 up from 90.98 on Aug. 5, moving further above the overbought threshold of 80.00.

My quarterly pivot is 2,125.2 with my semiannual risky level of 2,461.3. The downside risk is to 1,632.8 by the end of 2016.

Here's the weekly chart for the Nasdaq.

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Courtesy of MetaStock Xenith

The weekly chart for the Nasdaq is positive but overbought with the index above its key weekly moving average of 5,064.99, and well above its 200-week simple moving average at 4,300.68. The weekly momentum reading is projected to end the week at 91.93 up 88.68 on Aug. 5, moving further above the overbought threshold of 80.00.

My upside target for the third quarter of 5,214 has been tested with the next level of 5,327. The downside risk is to 4,248 by the end of 2016. The upside potential is to 5,826 by the end of the year.

Here's the weekly chart for the Dow Jones Transportation Average.

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Courtesy of MetaStock Xenith

The weekly chart for transports remains positive if the average ends the week above its key weekly moving average of 7,802.77. Otherwise the weekly chart will be downgraded too neutral. Transports are above its 200-week simple moving average is a major support at 7,493.76. The weekly momentum reading projected to rise to 75.24 up from 72.42 on Aug. 5.

My quarterly pivot of 7,938 has been a magnet since the end of June, and there's upside to 9,634 by the end of the year. An annual pivot is 7,569 with an annual value level of 6.926.

Here's the weekly chart for the Russell 2000.

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Courtesy of MetaStock Xenith

The weekly chart for Russell 2000 remains positive but overbought with the index above its key weekly moving average of 1,197.63 and above its 200-week simple moving average of 1,104.29. The weekly momentum reading is projected to rise to 92.11 up from 89.66 on Aug. 5, becoming more overbought above the 80.00 threshold.

My proprietary analytics show downside risk to a pivot of 1,133.16 in play through September. The downside risk is to 1,042.61 and perhaps to 938.79 by the end of 2016. There is an outside potential to 1,441.92 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.