Internet reports that after Trump implemented the tariff action, the S & P 500 index was at a key technical point. If it fell, it may face a longer-term decline. During intraday trading on April 3, the S & P 500 index reached a correction level near 5,500. Technical analysts who look at moving averages and other indicators to determine market momentum point out that there are few points below this critical psychological position that attract dips. "There is a trace of panic in the air," said Jay Woods, chief global strategist at Freedom Capital Markets. "Trump and Treasury Secretary Bessant tried to sell this trade war to Americans, but the stock market didn't buy it. People are tired of this rhetoric, they don't see what tariffs will do other than potentially push the United States into recession, and are now rushing to get money out of the market."