The SPDR S&P 500 (NYSE:SPY) saw dip buyers come in on Wednesday when the ETF gapped down 1.5% to start the trading day after the Bureau of Labor and Statistics released data that showed inflation soared 9.1% year-over-year.
The SPY has suffered a tumultuous year so far, declining about 20% from the Jan. 4 all-time high of $479.98 but enjoying periods of bullishness along the way. The whipsawing prices of the ETF, paired with the SPY sometimes reacting to news in a way that’s opposite of what’s expected, has also caused traders to lose confidence in their convictions of which way the markets are headed.
