Strategists closely monitor whether the S&P 500 index can hold key levels.

Golden Finance reports that after Trump implemented tariff actions, the S&P 500 index is at a critical technical point, and if it fails to hold, it may face a longer-term downturn. On April 3, during trading, the S&P 500 index approached a correction level near 5,500 points. Technical analysts observing moving averages and other indicators point out that there are almost no levels below this key psychological position that can attract Buy the Dips. "There is a hint of panic in the air," said Jay Woods, Chief Global Strategist at Freedom Capital Markets. "Trump and Treasury Secretary Mnuchin are trying to sell this trade war to Americans, but the stock market isn't buying it. People are tired of this trap; they don't see any effect of tariffs other than potentially pushing the U.S. into recession, and they are eager to pull their money out of the market."