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There were many signs that indicated that the stock market was vulnerable as the new year began.

The first warning was that 2015 ended with negative weekly technical charts for all five of the major equity charts. This indicated risk that all would fall at least into correction territory, down 10% to 20% from their all-time highs. This was the case for the Dow Jones Industrial AverageI:DJI , the S&P 500 undefined , the Nasdaq CompositeI:IXIC , and the Russell 2000 (IWM) - Get iShares Russell 2000 ETF Report.

The Dow Jones Transportation AverageI:DJT  plummeted into bear market territory, down more than 20% from its all-time high, which was set in November 2014.

While not one of the major averages, the PHLX Semiconductor Index, the SOX, also moved into bear market territory in the first week of 2016.

Here's a scorecard that shows the damage done, both in the U.S. and abroad.

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Let's take a look at the weekly charts.

A negative weekly chart occurs when the weekly close for a market or stock is below its key weekly moving average with weekly momentum declining below the overbought threshold of 80.00. The charts show the key weekly moving average in red and the 200-week simple moving average in green. The weekly momentum reading is shown in red in the study at the bottom of the chart. 

Note that none of the major averages are oversold!

Here's the weekly chart for the Dow 30.


Courtesy of MetaStock Xenith

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The Dow Jones Industrial Average ended last week at 16,346.45, down 1,078.58 points or 6.2% year to date, which is 10.9% below its May 19 all-time high of 18,351.36, putting this average into correction territory.

The weekly chart remains negative, with the average below its key weekly moving average of 17,222.10, with its weekly momentum reading declining to 60.45, down from 70.29 on Dec. 31. The 200-week simple moving average at 15,742.99 is a downside target that is above its 2015 low of 15,370.33, set on Aug. 24.

The horizontal line is the high from before the crash of 2008, at 14,198 set in October 2007. A decline to this level is an additional downside risk of 13.1%, which would put the average into bear market territory. This would also put the average below my annual key levels of 14,592 and 14,469. Failure to hold a monthly key level of 16,908 was a warning.

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


Courtesy of MetaStock Xenith

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The S&P 500 ended last week at 1,922.0, down 6% year to date, which is 10% below its May 20 all-time high of 2,134.72, putting this average in correction territory.

The weekly chart remains negative, with the average below its key weekly moving average of 2,021.5, with its weekly momentum reading declining to 55.61, down from 65.10 on Dec. 31. The 200-week simple moving average at 1,777.6 is a downside target that is below its 2015 low of 1,867.01, set on Aug. 24.

The horizontal line is the high from before the crash of 2008 at 1,576.0, set in October 2007. A decline to this level is an additional downside of 18%, which would put the average into bear market territory. This would also put the average between key annual levels of 1,632.8 and 1,554.9. Failure to hold a monthly key level of 2,006.7 was a warning.

Here's the weekly chart for the Nasdaq.


Courtesy of MetaStock Xenith

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The Nasdaq ended last week at 4,643.63, down 7.3% year to date and 11.2% below the July 20 all-time high of 5,231.94, putting the index in correction territory.

The weekly chart remains negative, with the index below its key weekly moving average of 4,934.81. Its weekly momentum reading declined to 63.22, down from 72.88  on Dec. 31. The 200-week simple moving average at 4,020.41 is a downside target that is well below its 2015 low of 4,292.14, set on Aug. 24.

The horizontal line is the high from before the crash of 2008, at 2,861, set in November 2007. A decline to this level is an additional downside of 38.4%, which would put the index deep into bear market territory. My key annual levels of 4,248 and 3,962 are well above the November 2007 high. The new year opened with a gap below my key monthly level of 5,007, which was a warning.

Here's the weekly chart for Dow Transports.


Courtesy of MetaStock Xenith

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Dow Transports ended last week at 6,946.36, down 7.5% year to date, which is 25.4% below its Nov. 28, 2014, all-time high of 9,310.33, putting this average in bear market territory.

The weekly chart remains negative, with the average below its key weekly moving average of 7,597.60. Its weekly momentum reading declined to 22.97 from 27.49 on Dec. 31. Dow Transports are also below the 200-week simple moving average of 7,108.34, and set a 52-week low of 6,934.69 on Friday, Jan. 8.

The horizontal line is the high from before the crash of 2008, at 5,537, set in May 2008. A decline to this level is an additional downside of 20.3%. This average nearly tested a key annual level of 6,926 on Jan. 8, and is well below a second annual level of 7,569.

Keep an eye on Dow Theory -- If Dow Industrials close below its Aug. 24 close of 15,871.35, this old-economy technical indicator would have a Dow Theory Sell Signal, as the Dow 30 would confirm the weakness in transports.

Here's the weekly chart for Russell 2000.


Courtesy of MetaStock Xenith

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The Russell 2000 ended last week at 1,046.20, down 7.9% year to date, which is 19.3% below the June 23 all-time high of 1,296.00, putting small caps deep into correction territory and nearly into bear market territory.

The weekly chart remains negative, with the index below its key weekly moving average of 1,130.93. Its weekly momentum reading declined to 41.82, down from 49.96 on Dec. 31. The index closed last week just below its 200-week simple moving average at 1,056.39, and set a 52-week low of 1,045.11 on Friday, Jan. 8, which is just above my key annual level of 1,042.61.

The horizontal line is the high from before the crash of 2008, at 856.48, set in July 2007. A decline to this level is an additional downside of 18.1%. If this index falls below my key annual level of 1,042.61, the next annual level is 938.79 -- still above the July 2007 high. The Russell 2000 opened 2016 below my key monthly level of 1142.27, which was a technical warning.

Here's the weekly chart for the SOX.


Courtesy of MetaStock Xenith

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The semiconductor index, known as the SOX, ended last week at 600.48, down 9.5% year to date and 20.1% below its June 1 multiyear high of 751.21, putting the SOX in bear market territory.

The weekly chart remains negative, with the index below its key weekly moving average of 650.75. Its weekly momentum reading declined to 65.36, down from 75.34 on Dec. 31. The 200-week simple moving average at 541.43 is a major support. This was the key support held between August 2011 and November 2012.

A decline to this index's January 2006 high of 559.60 is an additional downside of 6.8%. Failure to hold my key monthly level of 636.52 was a warning and the downside risk is to my key annual level of 543.35.

A modern technical indicator is the performance of semiconductor stocks, as demand for chips implies demand for appliances and handheld devices that contain semiconductors. The SOX is in bear market territory, and demand for durable goods and handheld devices has been sliding.

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