Momentum stocks Apple (AAPL) , Amazon (AMZN) and Alphabet (GOOGL) face technical downgrades on their weekly charts, even as the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite set all-time intraday highs.

The Dow set its all-time intraday high of 22,386.01 on Tuesday and is above my semiannual and annual pivots at 22,041 and 22,127, respectively, with its monthly risky level of 22,554.

The S&P opened Wednesday at its all-time intraday high of 2,508.85 and has yet to test my annual risky level of 2,537.90 with its monthly risky level of 2,569.7.

The Nasdaq opened Wednesday at its all-time intraday high of 6,466.05 and is well above its annual pivot of 6,253 with its semiannual risky level of 6,779.

Apple set its all-time high of $164.94 on Sept. 1, Amazon set its high of $1,083.31 on July 27 and Alphabet's high was $1,008.61 on June 6. This lagging momentum is reflected in the weekly charts presented below.

The weekly chart shows the 200-week simple moving average (in green), which is also considered the "reversion to the mean." This mean, a stock trading below its 200-week will eventually rise to it. A stock trading above its 200-week will eventually decline to it.

Investors should protect gains by employing sell stops on these stocks given weekly closes below their five-week modified moving averages shown on the charts below.

Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells them? Learn more now.

Apple Inc.

Courtesy of MetaStock Xenith

The weekly chart for Apple ($158.44 on Sept. 19) will be downgraded to negative given a close this by Friday below its five-week modified moving average of $157.07. The 200-week simple moving average or the "reversion to the mean" is $112.32, last tested during the week of July 1, 2016 when the average was $93.31. The 12x3x3 weekly slow stochastic reading is projected to decline to 76.60 this week down from 79.49 on Sept. 15.

Investment Strategy: Buy weakness to my quarterly and annual value levels of $114.74 and $112.56, respectively. My semiannual and annual pivots are $156.68 and $151.69, with $156.68 tested this morning. Sell strength to my weekly risky level of $165.99.

Explaining these levels:

At the beginning of 2017, my annual risky level for the year was $151.69 vs. the 2016 close of $115.82. The annual level was first tested on May 5, and that's when it became my annual pivot for the remainder of 2017. By definition, a pivot is a magnet that has an 85% chance of being tested at least once during the remainder of the year. Note how $151.69 has been a magnet since May 8, including on Friday, Sept. 22.

At the beginning of July after Apple closed June 30 at $144.02, the $156.68 level was my semiannual risky level, which was first tested on Aug. 2. That's when this level became a semiannual pivot having an 85% chance of being tested at least once by the end of 2017. You can see how this level has been a magnet through Sept. 20.

The buy on weakness value levels are $114.74 and $112.56. The $114.74 level expires on Sept. 29, as it's for the third quarter only. My annual value level of $112.56 is a buy level for the remainder of 2017.

My weekly risky level of $165.99 expired on Sept. 22 and a new level will be available after the open on Monday, Sept. 25.

The concept of value levels, risky levels and pivots was developed with the help of the Real Money editors more than 12 years ago.

Amazon.com

Courtesy of MetaStock Xenith

The weekly chart for Amazon ($969.86 on Sept. 19) will be downgraded to negative if the stock ends the week below its five-week modified moving average of $975.13. The 200-week simple moving average or the "reversion to the mean" is $580.20. The 12x3x3 slow stochastic reading is projected to slip to 27.89 this week down from 28.79 on Sept. 15.

Investment Strategy: Buy weakness to my weekly value level of $929.23. My semiannual and annual value levels are $857.84 and $753.89, respectively. Sell strength to my quarterly and monthly risky levels of $1,100.75 and $1,114.94, respectively.

Alphabet Inc.

Courtesy of MetaStock Xenith

The weekly chart for Alphabet ($936.86 on Sept. 19) will be downgraded to negative if the stock ends by Friday below its five-week modified moving average of $943.51. The 200-week simple moving average or the "reversion to the mean" is $696.10. The 12x3x3 weekly slow stochastic reading is projected to slip to 29.27 this week down from 29.74 on Sept. 15.

Investment Strategy: Buy weakness to my annual pivot of $899.21. My semiannual pivot of $944.79 has been a magnet since the week of July 7. Sell strength to my monthly and quarterly risky levels of $1,032.04 and $1,056.96, respectively.

Watch: Get Your First Look at the Futuristic Apple iPhone X

More of What's Trending on TheStreet:

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

More from Stocks

Never Buy Stocks Based on Unusual Call Activity: Doug Kass Insider

Never Buy Stocks Based on Unusual Call Activity: Doug Kass Insider

Will Tesla Stock Tumble 33% to $195?

Will Tesla Stock Tumble 33% to $195?

Is Best Buy Sleeping With the Enemy With Amazon Partnership?

Is Best Buy Sleeping With the Enemy With Amazon Partnership?

Video: The S&P 500 Is Failing to Make New Highs

Video: The S&P 500 Is Failing to Make New Highs

Dow, S&P 500 and Nasdaq Finish Lower as Apple, P&G Slump

Dow, S&P 500 and Nasdaq Finish Lower as Apple, P&G Slump