While weekly charts for the nine major global averages are positive, this does not equate to a global bull market for stocks. Here's why.

Two of the five major averages in the U.S. set all-time intraday highs this week, two set new 2016 intraday highs, while Dow transports lag its 2016 high of 8,149.00 set on April 20. Transports are still in correction territory 15.6% below its November 2014 high of 9,310.33.

Setting all-time intraday highs on Wednesday were the Dow Jones Industrial AverageI:DJI and the S&P 500 I:GSPC at 18,622.01 and 2,175.63, respectively. The Nasdaq CompositeI:IXIC and the Russell 2000 set fresh 2016 intraday highs of 5,102.78 and 1,213.52, respectively, on Thursday.

Looking around the world, India's Nifty 50 is the only one of the four overseas averages that set a 2016 high in July. It did so with a high of 8,594.80 on July 15.

In Japan, the Nikkei 225 actually set its 2016 low of 14,864.01 on June 24, after trading as high as 17,572.49 on April 22. This major benchmark is in bear market territory 20.6% below its cycle high of 20,952.71 set on June 24, 2015.

In China, the Shanghai Composite may have a positive weekly chart like the others, but is still mired in a bear market 41.8% below its June 12, 2015 high of 5,178.19.

In Germany the DAX has been trading back and forth in bear market territory and today is 18% below its April 10, 2015 high of 12,390.75.

Here's a chart that shows how overbought the U.S. averages are versus Japan and China. The major averages in India and Germany line up with the comparisons for the U.S.

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From left to right the chart shows the dates and the highs before the crash of 2008. Then we see the March 2009 lows followed the percentages of the crash. Then observe the intraday highs since the crash which shows the new highs for the Dow 30 and S&P 500.

The important column is labeled "Percent Above Pre-Crash High." Note that for the Nikkei 225 and the Shanghai Composite are blank. This shows that the stock markets for the world's second and third largest economies are below their pre-crash of 2008 highs.

When the other averages set their all-time highs they were between 31.2% above their pre-crash high for the Dow 30 and 82.9% above for the Nasdaq. That's the significant downside risk if the weekly charts do not stay positive.

Here's this week's scorecard for the major global equity averages. Today's levels for the Nifty 50 and German DAX were as of 8 a.m. EDT.

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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 16,116.49 and above its 200-week simple moving average of 15,674.60. The weekly momentum reading ended the week at 34.55 up from 28.15 on July 15.

My monthly pivot is 15,169.74 in July with a quarterly risky level of 19,815.54.

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 2,959.12 and above its 200-week simple moving average of 2,691.69. The weekly momentum reading ended the week at 62.31 up from 51.80 on July 15.

My monthly value level is 2,645.93 in July with my semiannual risky level at 3,401.89.

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 8,275.96 and above its 200-week simple moving average of 7,181.38. The weekly momentum reading ended the week at 89.77 up from 88.35 on July 15, both well above the overbought threshold of 80.00.

My monthly value level is 7,657.76 in July with upside potential to 8,681.13 through September.

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 9,906.55 and its above its 200-week simple moving average of 9,481.08. The weekly momentum reading is projected to end the week at 48.97 up from 42.40 on July 15.

My monthly value level is 9,382.34 in July with upside potential to 10,593.63 through September.

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 with the average above its key weekly moving average of 18,052.04, and well above the 200-week simple moving average of 16,360.88. The weekly momentum reading is projected to end the week at 77.28 up from 67.89 on July 158.

My proprietary analytics shows a monthly value level of 17,277 with a quarterly pivot at 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 2,112.88 and above its 200-week simple moving average of 1,869.33. The weekly momentum reading is projected to end the week at 80.72 up from 72.92 on July 15, moving above the overbought threshold of 80.00.

My monthly value level for July is 2,013.2 with a quarterly pivot of 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 remains positive with the index above its key weekly moving average of 4,922.84, and well above its 200-week simple moving average is a major support at 4,268.98. The weekly momentum reading is projected to end the week at 76.00 up from 66.42 on July 15.

My monthly value level is 4,628 in July with my quarterly risky level at 5,214. The downside risk is to 4,248 by the end of 2016, with outside chance of upside potential 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 with the average above its key weekly moving average of 7,733.31 and is above its 200-week simple moving average is a major support at 7,450.35. The weekly momentum reading projected to rise to 54.78 this week up from 44.14 on July 15.

My monthly value level is 7,082 in July with a quarterly pivot of 7,938 through Sept, and 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 with the index above its key weekly moving average of 1,167.42 and above its 200-week simple moving average of 1,098.36. The weekly momentum reading is projected to rise to 79.00 up from 72.66 July 15.

My proprietary analytics show downside risk to 1,083.10 in July with a pivot of 1,133.16 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.