NEW YORK (TheStreet) -- The stock market has been choppy so far in 2015, but after the solid rally thanks to Janet Yellen and the Federal Reserve last week the market is set for potential negative weekly closes unless resiliency returns by Friday.

As 2015 began I thought there was a chance the major equity averages could set new highs in the first quarter. Such was the case except for Dow Transports, which has seen a series of lower highs since setting its all-time intraday high of 9,310 on Nov. 28.

As the year began, I indicated that even if stocks tacked on another 10%, the momentum run-up would likely end in the first quarter. The quarter ends next Tuesday.

It seems unlikely all five equity averages -- the Dow Jones Industrial Average, the Standard & Poor's 500, the Nasdaq Composite, Dow Transportation Average and the Russell 2000 -- will confirm negative weekly charts this week but if weakness accelerates through Friday it can happen.

Here's how based weekly charts courtesy of MetaStock Xenith:

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The Dow Industrial Average is trading below its key weekly moving average of 17,900 with its momentum reading projected to decline to 70.77 this week from 74.62 last week. This would make the Dow 30 negative given this configuration at Friday's close.

The Dow 30 set its all-time intraday high of 18,288 on March 2, below a key level of 18,328 on technical charts until the end of June. The downside is to key levels on technical charts of 15,112 and 14,557 until the end of 2015.

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The S&P 500 is trading below its key weekly moving average of 2,076.3 with its momentum reading projected to decline to 71.64 this week from 75.12 last week. This would make the S&P 500 negative given this configuration at Friday's close.

The S&P 500 set its all-time intraday high of 2,119.5 on Feb. 25, above a key level of 2,053.3 on technical charts until the end of June. The downside is to key levels on technical charts of 1,585.9 and 1,558.2 until the end of 2015.

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The Nasdaq is trading below its key weekly moving average of 4,885 but its momentum reading is projected to remain above the overbought threshold of 80.00 at 80.98. This would make the Nasdaq neutral given this configuration at Friday's close.

The Nasdaq set its multiyear intraday high of 5,042 on March 20, well above a key level of 4,636 on technical charts until the end of June. The downside is to a key level on technical chart of 3,901 until the end of 2015. The Nasdaq has stayed well below its March 2000 bubble peak of 5,132.

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The Dow Transportation Average is trading below its key weekly moving average of 9,002 with its momentum reading projected to decline to 56.53 this week from 59.87 last week. This would make Transports negative given this configuration at Friday's close.

Dow Transports set its all-time intraday high of 9,310 on Nov. 28, well above a key level of 8,452 on technical charts until the end of June. The downside is to a key level on technical charts of 7,289 until the end of 2015. Note that the chart shows the series of lower highs since November.

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The Russell 2000 is trading above its key weekly moving average of 1,224.60 with its momentum reading still above the overbought threshold of 80.00 at 86.11. This would make the Russell 2000 still positive but overbought given this configuration at Friday's close.

The Russell 2000 set its all-time intraday high of 1,268.16 on March 23, well above a key level of 1,207.39 on technical charts until the end of June. The downside is to key levels on technical charts of 975.84 and 954.08 until the end of 2015. Note that a potential key reversal is shown on the weekly chart if the close on Friday is below the prior week's low of 1,234.66

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