This is a somewhat naive question to which I don't know the answer. There is a map of spectra $S \to S$, defined up to homotopy, given by multiplication by $-1$, and it satisfies the relation $(-1)^2 \simeq 1$. Can this be refined to a strict $\mathbb{Z}/2$-action on the sphere $S$ (and thus on all spectra)? 


My feeling is that the answer is probably not, but I haven't been able to prove it. I do know that when one inverts $2$, there is a $\mathbb{Z}/2$-action: if I understand correctly, the obstructions to rigidifying a homotopy $\mathbb{Z}/2$-action to an actual $\mathbb{Z}/2$-action on a spectrum $X$ live in the $\mathbb{Z}/2$-cohomology groups of $B Aut(X)$ (where $Aut(X)$ is the monoid of homotopy self-equivalences of $X$), which should be zero when $2$ acts invertibly on $\pi\_\*X $. 



$\mathbb{Z}/2$-action on spectra given by inversion
There's often no self-map of $S$ which induces multiplication by $(-1)$, because it's usually not cofibrant-fibrant. There's no *homotopical* obstruction to it existing, because the map $E \mapsto E \wedge S^1$ is an autoequivalence of the stable homotopy category, and $\mathbb{Z}/2$ acts on $S^1$. Or, if you prefer, we a map of based $\mathbb{Z}/2$-spaces
$$
\mathbb{Z}/2\_+ \to S^0
$$
and taking the homotopy fiber of the induced map of suspension spectra, we get a homotopy fiber sequence of spectra with $\mathbb{Z}/2$-action
$$
S \to S \wedge \mathbb{Z}/2\_+ \to S
$$
with the first term having a negation action.


One can see visibly that in, e.g., the category of symmetric spectra, the sphere has no $-1$ self-map, but the equivalent free spectrum $F\_1(S^1)$ does (for appropriate definitions of "S^1"). In the framework of Adams' "Stable homotopy and generalized homology", because maps are only defined "eventually", the analogue of $F\_1(S^1)$ and $S$ are isomorphic objects, so you do have this map.


So if you want it on-the-nose, it depends on your framework. If you want it homotopically, it always exists (roughly because the map $BGL\_1(S) \to B\mathbb{Z}/2$ splits).


