The SPDR S&P 500 (NYSE:SPY) hit a record high of $526.80 on Wednesday following a report that inflation pressures had eased in April. The Federal Reserve is expected to keep interest rates steady until September, when a slight cut is predicted. The SPY is currently in an upward trend, with experienced traders looking at Direxion ETFs like SPXL and SPXS for potential bullish or bearish plays. These leveraged funds aim to track the movement of the SPY, offering 300% or -300% returns on the benchmark index in a single day. It’s important to note that leveraged ETFs are best used for short-term trading, not long-term investments. On Wednesday, SPXL was up 2.23% and showing signs of further upward movement. Traders can watch for key levels of support and resistance to gauge potential entry and exit points.