NEW YORK (TheStreet) -- Even though the Nasdaq Composite and Russell 2000 set all-time intraday highs again last week, these equity averages failed to pull the weekly charts for Dow Jones Industrial Average and S&P 500
Instead, the weekly charts for the Dow 30 and S&P 500 ended last week on June 26 downgraded back to negative from neutral.
The Dow transports continue to anchor the bear side of the tug-of-war, but its weekly chart remains oversold. From its all-time intraday high the transports continue to be in correction territory, down 11.5%.
The Dow industrials ended last week at 17,946.68, up just 0.7% for the year to date and below its 50-day simple moving average of 18,033.79, with the 200-day SMA rising to 17,674.73. The weekly chart is negative, with the index just below its key weekly moving average of 17,990.96, with a momentum reading of 53.52, down from 56.92 on June 19.
The all-time intraday high of 18,351.36 set on May 19 was a failed test of a key level on technical charts of 18,328, which expires on June 30.
The S&P 500 ended last week at 2,101.49 just below its 50-day SMA of 2,106.72, with the 200-day SMA rising to 2,053.21. The weekly chart is negative, with the index just below its key weekly moving average of 2,103.01 and a momentum reading of 66.62, down from 69.38 on June 19.
The all-time intraday high of 2,134.72 was set on May 20.
The Nasdaq Composite ended last week with a close of 5,080.51, still above its 50-day SMA of 5,049.10, with the 200-day SMA rising to 4,796.46. The weekly chart remains positive but overbought with the index above its key weekly moving average of 5,055.86.
The momentum reading of 81.14 is down from 81.56 on June 19 but still above the overbought threshold of 80. The all-time intraday high of 5,164.36 was set on June 24.
The Dow transports ended last week with a close of 8,242.47 below the "death cross" formed by the 50-day SMA of 8,548.75, below the 200-day SMA of 8,742.61. The weekly chart remains negative but oversold, with the index below its key weekly moving average of 8,479.20 and its momentum reading of 17.78 declining from 19.52 on June 19 still below the oversold threshold of 20.