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Market Update — February 17, 2016

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The U.S. stock market closed more than 1.5% up on Wednesday after posting a three-day gain that was helped by some recovery in oil prices and encouraging economic data. We now need to move higher beyond a three-day rally to suggest this is more than a reaction. The markets are clearly shifting. Gold managed to close slightly positive but support is rapidly rising. Our opening number for tomorrow is 1199.50 and a closing beneath that will warn that a retest of key support will unfold. Our opening number in the euro lies at 1.1058 and the market continues to look negative. In the Dow, our opening number for tomorrow will be 16707.90.