Data as-of the 2026-07-24 settled close (Friday's close; this is a Saturday EOW read). Numbers read directly from defense-contractors — no prose math. Prior scan: 2026-07-17-defense-contractors (2026-07-17).

The complex reversed hard this week, flipping the prior scan's "no war premium" verdict on its head. Every single name in the book saw its RSI climb week over week — Lockheed Martin jumped from 43.4 to 72.1, RTX from 54.1 to 74.4, and General Dynamics from 58.5 to 70.9, pushing all three primes into near-overbought territory after the sharpest single-week rebound in this scan's history. Northrop Grumman's regime tag flipped back out of collapse into pullback. The one large-cap that didn't participate is Boeing, still tagged down with RSI 41.1. The supply-chain small-caps split: DFEN ripped +12.3% on the week, but TTMI and BWXT remain deep in their own drawdowns with no confirmed floor. GE is newly present in this data cut and joins the book in an uptrend.

LMT, RTX, and GD are the cleanest beneficiaries this week — all three now sit at RSI 70+, with GD (breakout regime) and RTX (strong-up, -2.5% from its 52-week high) the least extended of the trio. NOC's regime flip out of collapse into pullback is the biggest single reversal in the book. ITA, PPA, and DFEN — the diversified defense ETFs — all confirmed the same move (RSI 55-57), and DFEN's leveraged structure produced the sharpest single-week gain in the complex (+12.3% 7D). LHX also joined the rebound (RSI 36.0 → 56.6). The name that did not benefit is BA, still tagged down and the only large-cap with a negative 30-day print. The nuclear-fuel and electronics-supply names (LEU, BWXT, TTMI) remain the laggards of the complex even after the broader rip — TTMI is still -35.3% from its 52-week high and BWXT -26.9%, suggesting whatever is driving this week's bid is concentrated in the primes and the ETF layer, not the smaller supply-chain names.

The whole book moved up this week — the range shifted from last scan's 32-59 band to roughly 36-74 now. LMT (72.1), RTX (74.4), and GD (70.9) are all in the near-overbought zone per the standard RSI bands, meaning the easy part of this move may already be behind them. NOC, LHX, ITA, PPA, DFEN, and GE all sit in a healthier 53-57 band — participating in the rebound without yet being extended. TTMI (36.0) and BWXT (38.6) remain the lowest readings in the sector and still short of the 30-line that would flag outright oversold; LEU (48.1) sits in between, still collapse-tagged despite the improvement. BA (41.1) is the only large-cap that stayed below the midline.

This is a direct reversal of the prior scan's conclusion. Two scans ago, every name in the complex weakened further even as the Gulf ceasefire collapsed and strikes widened — the read was that no war premium was showing up in defense equities. This week, essentially the entire book's RSI rose, several primes moved into near-overbought territory, and NOC's regime flipped out of collapse. Whether this reflects a delayed pricing of the same geopolitical backdrop, a broader market-wide rotation, or company-specific catalysts is not something this summary file can distinguish — the data shows the direction and magnitude of the move, not its cause. What's clear from the data alone: the move is not uniform. BA didn't participate, and the supply-chain names (LEU, BWXT, TTMI) remain deeply negative on 30 days even as the primes rallied — a war premium, if that's what this is, has not yet reached the full complex.

• LMT / RTX / GD (RSI 70.9-74.4) — already extended into near-overbought after a sharp one-week rip; not a discount entry, and chase risk is elevated here.
• NOC / LHX / ITA / PPA / DFEN / GE (RSI 53.3-57.0) — mid-band, participating in the rebound without being overbought; the names with the most room left if the move continues.
• BWXT / TTMI (RSI 38.6 / 36.0) — still the deepest drawdowns in the complex (-26.9% / -35.3% from 52-week highs), no floor signal in the data; treat as watch items, not dip-buys.
• LEU (RSI 48.1, -63.2% from its 52-week high) — the single deepest drawdown in the sector and still tagged collapse; the improvement in RSI hasn't yet flipped the 30-day print positive.
• BA (RSI 41.1, down trend) — the one large-cap not participating in this week's bid; thesis remains unconfirmed either way.

• Whether LMT, RTX, and GD hold their readings above 70 RSI or roll over — the primes are already extended after one sharp week.
• BA's continued non-participation — the one large-cap still tagged down while every peer improved; worth a dedicated look at why.
• TTMI and BWXT for any sign of stabilization — both remain the deepest, least-confirmed drawdowns in the sector.
• Whether GE (new to this data cut) continues trading with the complex or decouples as an industrial-conglomerate name in its own right.