Recall from yesterday, the price was looking to test the 38.2%, and also had swing levels between 115.00 and 115.21 (see post from yesterday here).
The price did break below the 38.2% retracement, but did find support buyers against the 115.00 level. The low for the day reached 115.03 and bounced back above the 38.2% at 115.119 into the close. Buyers held support.
In trading today, traders took their clue from the failure below the 38.2% level yesterday, and used that retracement level to lean against.
Holding that level helped to give the buyers more confidence , and the price is now trading to and through the next major target at the 200 hour MA target at 115.551.
The next target above the 200 hour moving average comes in at a swing area between 115.62 and 115.64 followed by the falling 100 hour MA (blue line in the chart above) at 115. 67.
I would expect some "cause for pause" against that area. Yesterday the high price found sellers against the 100 hour moving average. Move above and it open the door for further gains to the upside.
There is some help from stocks in early trading (although the gains are modest) WTI crude futures are higher by about $0.90. The two year yield is higher by about 3.7 basis points. The 10 year yield is currently up about one basis point
