Strategists keep an eye on whether the S&P 500 can hold key points

Following Trump's tariff actions, the S&P 500 is at a key technical point and could face a longer-term decline if it fails to hold it.During the April 3 session, the S&P 500 came to a corrective level near 5,500 points. Technical analysts who look at averages and other indicators to determine market momentum note that there are few points below this key psychological position that could attract buying on the downside. ‘There's a hint of panic in the air,’ said Jay Woods, chief global strategist at Freedom Capital Markets. ‘Trump and Treasury Secretary Besant are trying to sell Americans on this trade war, but the stock market isn't buying it. People are tired of the rhetoric, they don't see what the tariffs are going to do other than potentially plunge the U.S. into a recession, and are now rushing to get their money out of the market.’