Direxion Daily TSLA Bull 2X Shares (TSLL), an ETF that provides leveraged exposure to Tesla stock, experienced a significant 24-hour plunge of 5.04%. This sharp decline comes as Tesla's stock chart formed a bearish "death cross" pattern, signaling potential momentum loss for the electric vehicle maker.

The "death cross," a technical indicator where the 50-day moving average crosses below the 200-day moving average, has raised concerns among investors. While Tesla's stock itself showed resilience by closing up 0.7% in the previous session, the leveraged nature of TSLL magnified the impact of market sentiment on the ETF.

Several factors appear to be contributing to the negative outlook. Investors are reportedly nervous about Tesla's vehicle sales, CEO Elon Musk's recent activities related to DOGE, and the potential impact of tariffs on the global auto industry. Additionally, broader market uncertainties surrounding trade policies and their effects on the tech and automotive sectors may be amplifying the bearish sentiment towards Tesla-related investments.