The volatility in the global equity markets was staggering over the last five trading sessions. In the U.S., four of the five major averages were drifting lower into the closes on Nov. 4. The Dow Jones Industrial Average, the S&P 500, the Nasdaq Composite and Russell 2000 ended last week negative weekly charts, but a neutral chart for transports kept the bear at bay.

This week will likely end with positive weekly charts for the Dow 30 and transports. The S&P 500 and Russell 2000 will likely have neutral weekly charts. The Nasdaq could end the week with a negative weekly chart.

Overseas, Japan's Nikkei 225 has a neutral weekly chart, as the weekly chart for China's Shanghai Composite is positive. India's Nifty 50 still has a negative weekly chart and the German DAX has a neutral weekly chart upgraded from negative.

Here's this week's scorecard for the nine major global equity averages.

 

The weekly charts show a red line through the price bars, which is the key weekly moving average (a five-week modified moving average). The green line is the 200-week simple moving average considered the "reversion to the mean."

The study in red along the bottom of the chart is weekly momentum (a 12x3x3 weekly slow stochastic), which scales between 00.00 and 100.00, where readings above 80.00 indicates overbought and readings below 20.00 indicates oversold.

A negative weekly chart shows the stock below its key weekly moving average with weekly momentum declining below 80.00 in a trend towards 20.00. A positive weekly chart shows the stock above its key weekly moving average with weekly momentum rising above 20.00 in a trend towards 80.00.

Here's the weekly chart for Japan's Nikkei 225.

Courtesy of MetaStock Xenith

The Nikkei 225 ended the week at 17,374.79, down 8.7% year to date and 16.9% above its 2016 low of 14,864.01 set on June 24. Japan's benchmark is nearly in correction territory 17.1% below its multiyear high of 20,952.71 set on June 24, 2015.

The weekly chart for Japan's Nikkei 225 is neutral with the average above its key weekly moving average of 17,004.55. The 200-week simple moving average of 16,264.37 was tested as Dow futures were down more than 800 points on Nov. 9 on the initial negative reaction to the U.S. election results. The weekly momentum reading ended the week at 79.91 down from 80.76 on Nov. 4, slipping below the overbought threshold of 80.00.

Here's the weekly chart for China's Shanghai Composite.

 

Courtesy of MetaStock Xenith

The Shanghai Composite ended the week at 3,196.04, down 9.7% year to date and in bull market 21.1% above its 2016 low of 2,638.30 set on Jan. 27. Japan's benchmark is still deep in bear market territory 38.3% below its multiyear high of 5,178.19 set on June 12, 2015.

The weekly chart for China's Shanghai Composite is positive with the index above its key weekly moving average of 3,095.99 and well above its 200-week simple moving average of 2,765.27. This average stayed above its "reversion to the mean" during the week of March 4 when the average was 2,623.41. The weekly momentum reading ended the week at 77.03 up from 70.37 on Nov. 4. Note the Fibonacci Retracements.

Here's the weekly chart for India's Nifty 50.

 

Courtesy of MetaStock Xenith

The Nifty 50 is projected to end the week at 8,296.30, up 4.4% year to date and in bull market territory 21.5% above its 2016 low of 6,825.80 set on Feb. 29. India's benchmark is 9% below its multiyear high of 9.119.20 set on March 4, 2015.

The weekly chart for India's Nifty 50 remains negative with the average below its key weekly moving average of 8,553.20 and above its 200-week simple moving average of 7,411.50. The "reversion to the mean" held during the week of March 4 when the average was 6,904.80. The weekly momentum reading is projected to end the week at 31.69 down from 36.73 on Nov. 4.

Here's the weekly chart for Germany's Deutsche Boerse DAX.

 

Courtesy of MetaStock Xenith

The German DAX is at 10,659.38 as of 7:30 AM, down just 0.8% year to date and in bull market territory 22.5% above its 2016 low of 8,699.29 set on Feb. 11. Germany's benchmark is also in correction territory 14% below its multiyear high of 12.390.75 set on April 10, 2015.

The weekly chart for the German DAX is neutral with the index above its key weekly moving average of 10,538.75 and is above its 200-week simple moving average of 9,731.68. This "reversion to the mean" last held during the week of July 8 when the average was 9,454.31. The weekly momentum reading is projected to end the week at 65.47 down from 70.48 on Nov. 4.

Here's the weekly chart for the Dow Jones Industrial Average.

 

Courtesy of MetaStock Xenith

The Dow 30 closed Thursday at 18.807.88, up 7.9% year to date and in bull market territory 21.7% above its Jan. 20 low of 15,450.56. This average set a new all-time intraday high of 18,873.66 on Nov. 10.

The weekly chart for the Dow 30 will be upgraded to positive if the average ends the week above its key weekly moving average of 18,280.80 and well above the 200-week simple moving average of 16,773.40. This "reversion to the mean" was last tested during the week of Feb. 12 when the average was 15,819.45. The weekly momentum reading is projected to end the week at 35.04 up from 32.16 on Nov. 28.

Note that a trend line connecting the highs set in 2015 was tested at this week's high.

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

Courtesy of MetaStock Xenith

The S&P 500 closed Thursday at 2,167.48, up 6% year to date and 19.7% above its Feb. 11 low of 1,810.10. This average is just 1.2% below its all-time intraday high of 2,193.81 set on Aug. 15.

The weekly chart for the S&P 500 has been upgraded to neutral with the average above its key weekly moving average of 2,139.94. The average is above its 200-week simple moving average of 1,927.99. The weekly momentum reading is projected to end the week at 33.40 down from 34.71 on Nov. 4.

Here's the weekly chart for the Nasdaq Composite.

Courtesy of MetaStock Xenith

The Nasdaq closed Thursday at 5,208.79, up 4% year to date and in bull market territory 23.8f% above its Feb. 11 low of 4,209.76. This average is 2.5% below the all-time intraday high of 5,342.88 set on Sept. 22.

The weekly chart for the Nasdaq will remain negative if the index ends the day below its key weekly moving average of 5,193.37. The index is well above its 200-week simple moving average at 4,445.88. The weekly momentum reading is projected to end the week at 49.85 down from 58.42 on Nov. 4.

Note the short-term downtrend connecting the prior two highs of 2016. Also, note the uptrend connecting the two lows of 2016.

Here's the weekly chart for the Dow Jones Transportation Average.

Courtesy of MetaStock Xenith

Dow transports closed Thursday at 8,556.60, up 14% year to date and in bull market territory 33.6% above its Jan. 20 low of 6,403.21. This average is 8.1% below the all-time intraday high of 9,310.33 set on Nov. 28, 2014.

The weekly chart for transports will be upgraded to positive with the average above its key weekly moving average of 8,108.02 and above its 200-week simple moving average at 7,677.44. This "reversion to the mean" was last tested during the week of July 8 when the average was 7,421.76. The weekly momentum reading projected to end the week at 77.21 up from 75.90 on Nov. 4.

Note the short-term downtrend connecting highs of late-2014 and early-2015 as it comes in play at this week's high of 8,611.17. Also, note the uptrend connecting the two lows of 2016.

Here's the weekly chart for the Russell 2000.

Courtesy of MetaStock Xenith

The Russell 2000 closed Thursday at 1,251.61, up 10.2% year to date and in bull market territory 32.7% above its Feb. 11 low of 943.10. This average is 3.4%below its all-time intraday high of 1,296.00 set on June 23, 2015.

The weekly chart for Russell 2000 is neutral with the index above its key weekly moving average of 1,216.64 and above its 200-week simple moving average of 1,130.35. The weekly momentum reading is projected to decline to 34.92 down from 35.96 on Nov. 4.

Note the short-term downtrend connecting the prior highs of 2015 and 2016.

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

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