Data as-of the 2026-09-25 settled close.

Two names are now above their 200-day average instead of one: TTM Technologies extended the reclaim it made two sessions ago, and GE Aerospace crossed its own line for the first time in this book's recent run. Neither is a prime. Meanwhile General Dynamics fell into capitulation-tier RSI at 23.2, joining L3Harris at 23.5, and Raytheon's break below its 200-day — the line the September 23 edition called this book's most decidable — deepened from 1.2% under to 2.7% under. There is still no fresh dated program news in this window beyond two senators publicly pressing the Pentagon for answers on F-35 parts that ended up in China's possession, reported September 24 with no ticker attached and no confirmed price effect. On the day itself, every name in this book moved less than a point in either direction — a quiet Friday sitting on top of a two-session slide.

There is effectively no new dated defense-program news in this window. The one item on file is a September 24 report that two senators who oversee military and intelligence matters said they want the Pentagon to answer questions about F-35 parts that ended up in China's possession — a story that touches Lockheed's flagship program by subject matter, though the capture carries no ticker attribution and Lockheed's own news pull, refreshed the same week, shows nothing about it and nothing newer than the earnings recap this file has cited for weeks. Lockheed's own tape was quiet either way: it fell 0.79% today alone and its 7-day reading barely moved, from −2.34% to −2.59%.

The book's most consequential change this window is at the top of the trend table, not the bottom. Two sessions ago, TTM Technologies was the only name in this book above its 200-day average, on a reclaim this file called unconfirmed by any dated news. That reclaim held and grew: TTM's cushion widened from 1.9% to 4.2% above its 200-day on a 7-day reading still near +9.5%. GE Aerospace joined it this window, crossing from 1.0% below its 200-day to 1.2% above — the second name in this book, out of twelve, now trading above its own long-term average, and again with no fresh dated catalyst behind the move; GE gained 2.29% today alone with nothing on file explaining it.

At the other end, General Dynamics is the new entrant in the capitulation tier: its RSI fell from 26.2 to 23.2, and the break below its 200-day — 3.4% under two sessions ago — deepened to 5.3% under. Raytheon lost more ground on the exact level the September 23 edition flagged as this book's single most decidable line: it closed 2.7% below its $194.69 200-day, worse than the 1.2% break two sessions ago. L3Harris remains the book's worst name on both horizons, essentially unchanged at RSI 23.5 and 23.8% below its 200-day. BWX Technologies kept deteriorating faster than the rest of the book, its 7-day reading widening to −6.13% from −2.64% with no dated news covering the move. Centrus gave back most of its prior bounce, its 7-day reading falling to +1.27% from +8.85% while its trailing year worsened further to −52.89% — the same base-effect distortion the prior edition flagged, not a fresh decline, since the year-ago comparison point still sits near Centrus's own prior peak.

By business line, not by this window's close — unchanged from the prior edition, since no new program news landed. Lockheed Martin builds the F-35 named in the September 24 senators' letter and in the earlier $24.3 billion Saudi notification; Raytheon supplies the broadest munitions-resupply exposure; Northrop Grumman carries the B-21, space and submarine programs; General Dynamics holds submarines, land systems and Gulfstream; L3Harris supplies communications, sensors and electronic warfare; Boeing's defense unit sits next to a commercial business exposed to any oil spike. ITA and PPA are broad baskets. Centrus Energy is nuclear-fuel enrichment, not war materiel; BWX Technologies builds naval nuclear reactor components; TTM Technologies makes printed circuit boards used across both defense and commercial electronics; GE Aerospace makes engines for both commercial and military airframes.

The honest read has not changed: the F-35 parts story names Lockheed's program by subject, not Lockheed's stock by ticker, and Lockheed's own tape did not move on it — a 0.79% decline on an otherwise quiet day.

RSI across the book now runs 23.2 to 55.8, roughly the same spread as two sessions ago (24.5 to 52.9) but with the low end worse: General Dynamics is a new capitulation entrant at 23.2, edging below L3Harris's 23.5. Only two names sit above RSI 40 — Centrus (41.1) and TTM Technologies (55.8) — with GE Aerospace close behind at 47.3. Eight of twelve are in the oversold band. Every name's own single-day move today was under 1% except GE (+2.29%) and TTMI (+1.72%), meaning this window's damage is concentrated in the two sessions since Wednesday rather than in today specifically.

There is still no visible war premium in this book. The one dated item this window — senators publicly pressing the Pentagon on F-35 parts diverted to China — touches the book's flagship program and produced no visible price reaction in Lockheed's own tape. Every prime remains below its 200-day; the two names that crossed above their own lines this window, TTM Technologies and GE Aerospace, have no war exposure named anywhere in their own news records.

The long-horizon sort still separates the intact names from the broken ones better than the week does. Still positive on the trailing year: TTM (+136.97%), Raytheon (+18.0%), GE Aerospace (+10.06%), Lockheed (+7.27%), the aerospace-and-defense fund (+5.71%), the portfolio fund (+5.27%), General Dynamics (+3.79%). Negative on the trailing year: Boeing (−7.24%), Northrop (−12.85%, worse again), L3Harris (−17.82%, also worse), BWX (−21.42%, worse again), Centrus (−52.89%, on the base-effect distortion). Three of the five negative names got worse on the trailing year again this window.

Capitulation (RSI under 25) — $GD (23.2), $LHX (23.5). Two names now, versus one two sessions ago.

Oversold (RSI 25–40) — $ITA (31.1), $PPA (31.9), $RTX (29.1), $BWXT (29.7), $BA (37.8), $LMT (37.1), $NOC (37.6). Seven of twelve. Three of these seven are also negative on the trailing year.

Neutral / Strong (RSI 40 and above) — $LEU (41.1), $GE (47.3), $TTMI (55.8). TTM and GE are the only two names in the book both above RSI 40 and above their 200-day.

RSI, the trend word and the regime label describe the last few sessions only. The trailing-year and vs-200-day columns carry the verdict: above the 200-day with a positive year is a deep pullback in an intact trend; below it means the long trend is genuinely under test; negative on the year with performance behind the market is the broken one regardless of how the window looked. Where a name's news pull is stale or returns only quote pages, this scan says the move is unconfirmed rather than unexplained — those are different claims. Nothing here is a recommendation; a low RSI inside a broken structure is not an entry.

Against the September 23 edition — two trading sessions, not a full week — in that scan's numbers versus today's:

• A second name reclaimed its 200-day. GE Aerospace crossed from 1.0% below to 1.2% above; TTM Technologies, the book's only reclaimed name two sessions ago, extended its own cushion from 1.9% to 4.2%.
• General Dynamics fell into capitulation-tier RSI. 26.2 to 23.2, the second name in that tier alongside L3Harris; its 200-day break deepened from 3.4% to 5.3%.
• Raytheon's break deepened further. From 1.2% below its 200-day to 2.7% below, on the exact level the prior edition called this book's most decidable line.
• BWX Technologies deteriorated faster than the rest of the book. 7-day reading widened from −2.64% to −6.13%, with no dated news covering the move.
• Centrus gave back most of its prior bounce. 7-day +8.85% to +1.27%; trailing year worsened further, −50.0% to −52.89%, on the same base-effect distortion flagged two scans ago.
• Northrop's trailing year worsened again. −10.86% to −12.85%, 200-day gap 14.3% to 14.9%.
• The one dated item this window is a program-adjacent headline with no confirmed price effect. Two senators publicly pressed the Pentagon on F-35 parts diverted to China (September 24); Lockheed's own tape showed no reaction attributable to it.

• Whether Raytheon reclaims $194.69. The break just deepened for a second straight window; a reclaim would be the difference between a flag and a confirmed structural break.
• Whether GE Aerospace's and TTM's reclaims both hold. Two names above their 200-day is a real change from one; whether either loses the line again in the next window would matter more than this window's gain did.
• Whether General Dynamics' capitulation-tier RSI marks a floor, or follows L3Harris deeper. It is now the second-most oversold name in the book on a window with no negative catalyst attached.
• Whether the F-35 parts story develops into anything with a confirmed price effect. As reported, it is a Pentagon-oversight headline with no ticker attribution and no visible move in Lockheed's tape.
• Whether the news record ever catches up to this book's repricing. Lockheed's pull, refreshed this week, still carries nothing beyond a weeks-old earnings recap; the sector's own moves keep running well ahead of anything published about them.

• defense-contractors (2026-09-25 close; every price, RSI, moving average and return above)
• 2026-09-23-defense-contractors (prior edition, comparison basis)
• 2026-09-24-market-brief (session-wide breadth and rate context for the window)
• 2026-09-24-bloomberg-senators-say-they-want-more-on-f-35-parts-diverted-to-china-tlvjy0t96osg00 (dated September 24; no ticker attribution, no confirmed price effect)
• News receipts checked and stale or quote-pages-only for this window's moves: latest (refreshed 2026-09-25; nothing newer than the earnings recap covered two scans ago), latest (refreshed 2026-09-24; resurfaced Q2 earnings page, not a fresh event), latest (refreshed 2026-09-24; nothing dated to this window), latest (refreshed 2026-09-24; nothing dated to this window), latest (2026-09-11), latest (2026-08-15), latest (2026-06-21), latest (2026-07-07)