By Bret Kenwell The SPDR S&P; 500 ETF, symbol SPY, is carving out a clearly defined range on the chart. Here are the levels to know. U.S. stocks on Wednesday are lower, with tech leading the way despite the relief rally underway in bonds. Why does any of this matter? Because investors are trying to sort out which direction is next following the monthly CPI report, which was released before the open. Bulls were likely leaning on the consumer price index coming in below expectations — highlighting that inflation is cooling — to use it as an excuse for a much-needed oversold rally. We saw nice pr…