Data as-of the 2026-08-21 settled close (Friday's close). Numbers read directly from defense-contractors — no prose math.

Every name in this book is down on the week — a synchronized 7-day pullback with no dated catalyst on file to explain it (cause unknown) — but underneath that, the sector splits into two very different long-horizon stories. LMT, RTX, GD, ITA, PPA, DFEN, and GE are all positive on the trailing year and sitting above their own 200-days despite this week's weakness — deep pullbacks inside intact trends, not breakdowns. NOC, LHX, BA, and BWXT are genuinely negative on both the trailing year and vs their 200-days — trends actually under test, not just noisy weeks. TTMI is the outlier: +171.06% over the trailing year but now -6.0% below its 200-day after a -23.61% 30-day drop — a trend being tested for real, on top of an extraordinary run.

By business line, not by this week's move: LMT (missile defense, F-35, PAC-3) and RTX (Raytheon missiles, Pratt & Whitney engines) are the two broadest primes; NOC carries the B-21 bomber and space/submarine programs; GD holds submarines, land systems, and Gulfstream business jets; LHX supplies communications, sensors, and electronic warfare; BA's defense unit sits alongside a commercial-aviation business that the ticker also carries. ITA and PPA are broad defense-sector baskets; DFEN is a leveraged (3x) version of the same basket — flag that on business-quality grounds regardless of the technical read, leveraged products decay structurally and are not a trend-hold vehicle. LEU (Centrus Energy) is nuclear-fuel enrichment, not a classic prime; BWXT builds naval nuclear reactor components; TTMI manufactures PCBs used across defense electronics; GE Aerospace makes jet engines for both commercial and military airframes. None of this explains this week's synchronized decline across the whole list (LMT -7.4%, RTX -5.85%, BA -7.53%, DFEN -18.27%, and so on) — no dated news receipt is on file for that move this session, so it's cause unknown, not a read on fundamentals.

No name in this book is oversold (<30) or overbought (>70) on RSI. LHX (35.1), BWXT (34.1), and TTMI (34.9) are the softest reads, all in the 30-40 approaching-oversold band; none carries a confirmed reversal regime (LHX pullback, BWXT collapse, TTMI collapse). LEU (53.9) and GD (50.0) sit at the firm end of the range. The 7-day window is uniformly negative across the book (-2.04% to -21.05%) — the whole sector moved the same direction this week, which is itself the notable fact, not any single name's level.

Any "war premium" read into this book has to be dated correctly: the Strait-of-Hormuz disruption and the March Iran-war OPEC production cut circulating in the macro news lane this week are background items from the spring, not a fresh catalyst — none of them explain this week's price action, and none should be read as live. What the trailing-year data shows instead is a standing, multi-year defense-budget cycle: LMT (+26.02% 1Y), RTX (+34.28% 1Y), GD (+21.41% 1Y), ITA (+22.27% 1Y), PPA (+19.34% 1Y), DFEN (+28.71% 1Y), and GE (+29.65% 1Y) are all comfortably positive over the trailing year and above their own 200-days — a premium that predates and doesn't depend on any single headline. NOC (-7.73% 1Y), LHX (-3.40% 1Y), and BA (-4.57% 1Y) are the counter-evidence: three primes genuinely underperforming on a 1-year view despite sitting in the same sector, which argues the "premium" isn't uniform across the complex.

• 🔍 Watch — LMT / RTX / GD / ITA / PPA / GE (RSI 40.0-50.0, all positive 1Y and above their 200-day): this week's decline sits on top of intact multi-year trends. GD's nearest support shelf is $351.44 (currently $384.29); RTX's is $199.87 (currently $209.91).
• ⚠️ Avoid / leveraged — DFEN ($72.14, RSI 38.9): largest 7D drop in the book (-18.27%) on a leveraged sector ETF; the +28.71% 1Y gain is real, but leverage decay is a structural ceiling on this vehicle regardless of the sector call.
• 🔍 Watch — trend under test — NOC ($551.03, no support shelf on file), LHX ($266.73, RSI 35.1, no support shelf on file), BA ($214.20, no support shelf on file): all three are negative on both the trailing year and vs their 200-day — genuinely soft, not just a weak week.
• 🔍 Watch — trend under test — BWXT ($156.78, RSI 34.1, no support shelf on file): the closest thing to a confirmed breakdown in this book — negative 1Y (-5.18%) and 19.4% below its 200-day, tagged collapse.
• 🔍 Watch — level to name — TTMI ($110.54, RSI 34.9): +171.06% over the trailing year but now 6.0% below its 200-day ($117.65) after a -23.61% 30-day drop — the trend is genuinely being tested here, not a garden-variety dip.
• 🔍 Watch — mixed signal — LEU ($186.26, nearest support shelf $175.68): +5.07% over the trailing year but 13.7% below its 200-day and -59.88% off its 52-week high, against a +369.76% 2-year gain — this is a name that gave back most of an enormous prior run within the past year, not a steady compounder.