The PowerShares QQQ still has a positive but overbought weekly chart, but risky levels for 2017 have been achieved, and the four other stock market ETFs are showing negative divergences.
Negative divergences observed on 8 of 9 global averages. India's Nifty 50 set a new high on Wednesday and has a positive but overbought weekly chart.
The tech-heavy PowerShares QQQ continues to show strong momentum, while the other four stock market exchange-traded funds are beginning to show negative technical divergences.
Dow transportations drag the five major U.S. equity averages, a negative weekly chart for the Shanghai Composite offsets new 2017 highs for the Nikkei 225, Nifty 50 and German DAX.