$TSLA Update

Tomorrow's historic $SPCX IPO is the fundamental catalyst dictating the sentiment here.
Let's get the market mechanics straight, an IPO of this magnitude actually drains liquidity from the broader market as institutions and retail lock up cash for $SPCX allocations.
However, with direct access limited, $TSLA becomes the ultimate proxy play.
It will absorb the overflow capital and the highly aggressive speculative volume from traders trying to play the Elon Musk halo effect.
Looking at the daily chart, $TSLA is currently trading at 386.58, having pulled back significantly from the recent top.
This correction was entirely necessary, the aggressive flush cooled the daily RSI down to a healthy 42, giving momentum plenty of room to expand.
The absolute line in the sand for this setup is the 336 pivot.
That is the major structural base holding this entire move together.
If we see further downside, we need that 336 floor to hold the weight and confirm a higher low.
As long as price stays above that pivot, the structure is primed to absorb the speculative overflow and push higher.
If 336 cracks, the proxy setup is fully invalidated and I am stepping aside.