All five major U.S. equity averages have positive weekly charts with Dow Transports now overbought. Three set all-time intraday highs this week - Dow Industrials at 18,934.05 on Nov. 14, the Nasdaq at 5,346.80 and the Russell 2000 at 1,316.22 on Nov. 18.
For Dow Transports, its all-time intraday high is 9,310.33 set two years ago on Nov. 28, 2014.
For Japan's Nikkei 225 its all-time intraday high was 38,957.44 set in December 1989. For the current cycle the multiyear intraday high is 20,952.71 set on June 24, 2015. This average set its second-half 2016 intraday high of 18,043.72 on Nov. 18. The average is thus in bull market territory 20.9% above its June 24 low of 14,864.01, but is still in correction territory 14.2% below the June 24, 2015, high.
For China's Shanghai Composite, its all-time intraday high was 6,124.04 set in October 2007. For the current cycle the multiyear intraday high is 5,178.19 set on June 12, 2015. The average set its second-half 2016 high of 3,221.46 on Nov. 14. The average is thus in bull market territory 21% above the Jan. 20 low of 2,638.30, but is still in bear market territory 38.3% below the June 12, 2015, high.
India's Nifty 50 is the only average with a negative weekly chart. India's benchmark is now in correction territory 11.5% below its March 4, 2015, high of 9,119.20.
The German DAX has a neutral weekly chart. It's in bull market territory 22.6% above its Feb. 11 low of 8,699.29. The index is in correction territory 13.9% below its April 10, 2015, high of 12,390.75.