Tesla Stock News and Forecast: TSLA set to fall more as delivery data disappoints

• TSLA set to open lower as weekend delivery data disappoints.
• Tesla already fell by 4% last week.
• Apple also suffering from dragging main indices lower.

Tesla (TSLA). is expected to open sharply lower Monday as the equity markets continue to battle raging storms. Last week was a significant week in currency markets. Equity land must be aware of this. It is easy to forget about the global macro outlook in good times, but these are not good times. Sterling fell to a record low against the dollar due to the risk of another Lehman moment. Even though it is not directly related, this is bad news for equities.

We received delivery data for Tesla over the weekend. Although the company set a new record, numbers were below expectations. Tesla produced 365,923 vehicles versus estimates for 344,000. Deliveries were 343,830 vehicles versus the 357,000 estimate. Despite missing the delivery forecast, the numbers were notably higher again than last quarter and last year. The quarterly increase was 35% and the YoY increase was 42%. We also saw the Tesla Optimus robot over the weekend. The reviews are mixed, and I won't be giving much analysis, as I am not a robotics expert. 

Tesla appears to be right at key support of $254.61. This is the string of highs in June and July that gave way to a massive bear market rally. This is another important factor for a possible rally. If TSLA can hold the level, then the potential for a rally increases. Apple (AAPL) has already gotten some bad news out of the way, and these two companies are a big weighting in the SPY and for overall investor sentiment. Tesla will announce earnings in two weeks, on October 19. This will provide more insight into how margins fare in an inflationary environment. My long-term view is bearish based on declining demand and reduced margins.

Daily chart of Tesla (TSLA),