Despite recent 3.49% daily bounce, JETS remains structurally vulnerable to the worst airline crisis since the pandemic. At $24.93, the ETF sits just below critical resistance at the 200-day MA ($25.88) following a failed recovery attempt, with jet fuel costs doubled to $4/gallon threatening 46% EBITDA cuts for vulnerable carriers. The market is underpricing the compounding effects of demand destruction already beginning in Asia, geopolitical escalation striking Middle East energy infrastructure, and zero fuel hedging exposure creating maximum downside volatility.