All five major U.S. equity averages are in bull market territory and have positive weekly charts. Dow Transports has been the first to become overbought.

New all-time intraday highs were set, except for transports, which set a multiyear high of 9,003.67 on Nov. 23. Its all-time high is 9,310.33 and was set two years ago, on Nov. 28, 2014.

On Nov. 23, the Dow Jones Industrial Average and the Russell 2000 set all-time intraday highs of 19,083.76 and 1,342.35, respectively. On Nov. 22, the S&P 500 and Nasdaq set all-time intraday highs of 2,204.80 and 5,392.26, respectively.

In Japan, the Nikkei 225 is in bull market territory and set a second-half 2016 high of 18,482.94 on Nov. 25. You need to look back to the end of 1989 to find the Nikkei 225 all-time intraday high of 38,957.44, set in December 1989. The Nikkei 225 is also in correction territory and is 12.3% below its multiyear intraday high of 20,952.71, set on June 24, 2015.

In China, the Shanghai Composite is in bull market territory and set a second-half high of 3,262.44 on Nov. 25. This is a weak recovery, considering that this average is below its all-time intraday high of 6,124.04, set in October 2007. The Shanghai Composite also remains mired in bear market territory, 37% below its multiyear intraday high of 5,178.19, set on June 12, 2015.

In India, the Nifty 50 has a negative weekly chart. India's benchmark is now in correction territory, 11.5% below its all-time intraday high of 9,119.20, set on March 4, 2015. But it has a solid 18.8% gain from its Feb. 29 low. This average's 2016 high is in the rear-view mirror at 8,968.70, set on Sept. 7.

In Germany, the DAX is in bull market territory, 22.9% above its Feb. 11 low of 8,699.29. The index is also in correction territory, 13.7% below its April 10, 2015, high of 12,390.75, and its 2016 second-half high was set at 10,827.72 on Oct. 25.

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

 

The weekly chart shows a red line through the price bars, marking the key weekly moving average (a five-week modified moving average). The green line is the 200-week simple moving average, 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 indicate overbought and readings below 20.00 indicate oversold.

A negative weekly chart shows the stock below its key weekly moving average, with weekly momentum declining below 80.00 in a trend toward 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 weekly chart for Japan's Nikkei 225 is positive but overbought, with the average above its key weekly moving average of 17,433.94. The 200-week simple moving average is 16,336.91, last tested as the election votes were counted on Nov. 9. The weekly momentum reading ended this week at 83.29, up from 79.04 on Nov. 18, rising back above the overbought threshold of 80.00.

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

 

Courtesy of MetaStock Xenith

The weekly chart for China's Shanghai Composite is positive but overbought, with the index above its key weekly moving average of 3,144.68 and well above its 200-week simple moving average of 2,774.99. 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 86.47, up from 82.13 on Nov. 18, moving further above the overbought threshold of 80.00.

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

 

Courtesy of MetaStock Xenith

The weekly chart for India's Nifty 50 remains negative, and the index is below its key weekly moving average of 8,387.77 and above its 200-week simple moving average of 7,431.75. This "reversion to the mean" held during the week of March 4, when the average was 6,904.8. The weekly momentum reading declined to 23.62 this week, down from 25.99 on Nov. 18.

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

 

Courtesy of MetaStock Xenith

The weekly chart for the German DAX has been upgraded to positive, with the index above its key weekly moving average of 10,586.49. It is above its 200-week simple moving average of 9,760.59. This "reversion to the mean" last held during the week of July 8, when the average was at 9,454.31. The weekly momentum reading rose to 66.36 last week, up from 61.53 on Nov. 18.

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

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Courtesy of MetaStock Xenith

The weekly chart for the Dow 30 is positive, with the average above its key weekly moving average of 18,540.31 and well above the 200-week simple moving average of 16,825.63. 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 rise to 62.31 this week, up from 44.95 on Nov. 18.

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

Courtesy of MetaStock Xenith

The weekly chart for the S&P 500 is positive, with the index above its key weekly moving average of 2,159.22. It is above its 200-week simple moving average of 1,934.96. The weekly momentum reading is expected to rise to 56.66 this week, up from 40.65 on Nov. 18.

Here's the weekly chart for the Nasdaq Composite (NDAQ) .

Courtesy of MetaStock Xenith

The weekly chart for the Nasdaq is positive, with the index above its key weekly moving average of 5,254.96. The index is well above its 200-week simple moving average at 4,468.11. The weekly momentum reading is projected to rise to 62.83 this week, up from 51.85 on Nov. 18.

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

Courtesy of MetaStock Xenith

The weekly chart for transports is positive but overbought, with the index above its key weekly moving average of 8,409.00 and above its 200-week simple moving average at 7,709.01. 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 is projected to rise to 87.69 this week, up from 82.22 on Nov. 18, rising further above the overbought threshold of 80.00.

Here's the weekly chart for the Russell 2000.

Courtesy of MetaStock Xenith

The weekly chart for Russell 2000 is positive, with the index above its key weekly moving average of 1,261.51 and above its 200-week simple moving average of 1,134.80. The weekly momentum reading is projected to rise to 64.56 this week, up from 46.98 on Nov. 18.

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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