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The S&P 500 is back above the June 16 low of 3666. It plunged 2.4% today to a low of 3491 following the release of September's hotter than expected CPI report. It then rebounded 5.6% to a high of 3685 just after 3:00 pm before closing up 2.6% for the day.
It's possible that prior to the widely-feared CPI report, investors hedged their portfolios and scrambled to cover their shorts when the market dropped on the bad news. That forced unhedged shorts to cover too resulting in a reversal day.
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