Market Lab Report - Premarket Pulse 2/26/16

Published : February 26 2016 at 9:06 ET

Major averages rose on lower, well below average volume with the S&P 500 closing above its 50-day moving average. Oil rallied intraday which triggered the rally in the averages after Venezuela’s oil minister announced plans for his country to meet with representatives from Russia, Saudi Arabia and Qatar in mid-March. Such meetings announcements have triggered rallies in oil in the past yet the downtrend in oil has persisted. Production cut agreements still seem far off.

Futures are up as the rally in oil continues on hopes of a production cut at the meeting in mid-March.

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