Stocks opened higher Friday morning following the nonfarm payrolls report, but quickly tumbled near session lows with the S&P traded as low as 1640 after Dow Jones quoted Putin as saying that Russia would continue arms sales and aid to Syria. The selloff ended and the market climbed off the intraday low after the S&P established some solid footing near that level.
Curtiss-Wright Corp (CW) was a notable winner in Friday trading session. The stock soared to new 52-week high, up 4.44% to close at 44.50 on nearly triple the daily average volume. This is bullish from a technical perspective. In fact, as the chart below indicated, CW cold climb above 48 to test key technical resistance after the downward trend halted. Just so that you know, initially profiled in our August 19, 2013 “Swing Trader Bulletin” CW had gained about 9% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for CW. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Curtiss-Wright Corp (daily)
As indicated in the above chart, our “U.S. Market ETF Trading Map” rates CW as a Buy. Shares of CW has been on a tear in recent days after the August correction tested and respected support at the trend channel moving average (as represents by the white line in the chart). Money Flow measure trended higher from above the zero line, indicating an increase in buying pressure…Click here to read more.
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