NEW YORK (TheStreet) -- The daily and weekly charts for the stock market suggest that investors should trade the ranges until there's a clear signal that the five major equity averages will see new highs. At risk is the possibility that before the end of May there could be a signal to "sell in May and go away."
Here are the updated profiles for the five major averages followed by the weekly charts for the three exchange-traded funds that investors should trade to capture the trading ranges.
The Dow Jones Industrial Average closed at 18,191.11 last week, up 2.1% year to date and 0.5% below its all-time intraday high of 18,288.63 set on March 2. Friday's high of 18,205 was just above this month's key technical level of 18,199. The weekly chart is positive with the index above its key weekly moving average of 17,990. That indicates upside potential to key technical levels of 18,245 and 18,328, which expire at the end of this week and at the end of June, respectively.
The Standards & Poor's 500 Index closed at 2,116.10 last week, up 2.8% year to date and 0.5% below its all-time intraday high of 2,125.92 set on April 27. Last week's low of 1,067.93 was between two key levels on technical charts. Key levels of 2,053.3 and 2,097.8 expire at the end of June and the end of May, respectively. The weekly chart is positive but overbought with the index above its key weekly moving average of 2,096.0. That indicates upside potential to a key level of 2,141.6 which expires at the end of this week.