In early Friday trade, Tesla Inc. (TSLA, -3.87%) shares fell 3.2%, breaking below a critical mark on the chart that may indicate the beginning of a longer-term slump. Following Tesla’s dismal earnings announcement, the stock fell 16.4% over a three-day losing streak. Tesla was on track to have its worst three-day performance since it fell 20.7% during the three days that ended on December 27, 2022. For the first time since May 26, the stock was expected to close below its 200-day moving average (200-DMA), which rose to $214.69 on Friday. Many Wall Street chart observers see the 200-DMA as a boundary between longer-term uptrends and downtrends over the last three months, during which time the S&P 500 SPX has dropped 6.5%.
