NEW YORK (TheStreet) -- The stock market's five major averages are straddling their key weekly moving averages, so it's premature to follow the popular investing strategy of "Sell in May and go away."
New highs are possible for these averages, but so are closes below all five key weekly moving averages. It's important to keep an eye on the weekly technical signals.
Weekly closes below all five key weekly moving averages with weekly momentum readings declining to less than 80.00 will be the technical signal for investors to sell.
Here are the key statistics for the five major equity averages.
The Dow Jones Industrial Average traded as high as 18,133.76 on Monday, well above its key weekly moving average of 17,939 but below this month's key technical level of 18,199. The all-time intraday high of 18,288.63 was set on March 2, and a key technical level of 18,328 does not expire until the end of June.
The S&P 500 traded as high as 2120.95 on Monday, above its key weekly moving average of 2091.1 but below its all-time intraday high of 2125.92 set on April 27. The key levels to hold on technical charts are 2097.8 for May and 2053.3 until the end of June.
The Nasdaq traded as high as 5043.62 on Monday, above its key weekly moving average of 4961 but below its multiyear intraday high of 5119.83 set on April 27. The key level to hold on technical charts is 4983 in May. The all-time intraday high of 5132 was set in March 2000. The upside potential into the end of June is a key technical level of 5397.