Northrop Grumman ( NOC) ($95.18 vs. $80.86 on May 23) set a new multi-year high at $99.10 on Sept. 19 then fell to its 50-day SMA at $94.48 on Oct. 2. My semiannual value level is $87.62 with a quarterly pivot at $94.68 and monthly risky level at $101.98. Raytheon ( RTN) ($76.08 vs. $66.24 on May 23) set a new multi-year high at $81.26 on Sept. 19 then ended Oct. 3 below its 50-day SMA at $76.26. My annual value level is $69.36 with a weekly pivot at $79.31 and quarterly risky level at $81.69. UTX) ($104.98 vs. $96.25 on May 23) set a new multi-year high at $112.46 on Sept. 19 then ended Oct. 2 below its 50-day SMA at $105.65. My weekly value level is $103.68 with a semiannual pivot at $107.61 and monthly risky level at $108.97. At the time of publication the author held no positions in any of the stocks mentioned. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.