The Pharisees ask for a sign, again, and Jesus gives the same answer he did the first time. We just had the feeding of the 5,000 and the feeding of the 4,000 and then they ask to be shown a sign. The big exciting thing in this chapter is Peter declaring Jesus to be the Christ. That’s more than a name or even a title; it is a declaration that Jesus is the fulfillment of what they have been waiting for.

Matthew 16

The Pharisees and Sadducees came, and tested him by asking to see a sign from heaven.

2 He answered and said “When it is evening, you say, ‘It will be fair weather: for the sky is red.’

3 And in the morning ‘It will be stormy weather today: for the sky is red and threatening.’  You hypocrites, you can discern the face of the sky but you cannot discern the signs of the times?

4 A wicked and adulterous generation seeks after a sign; and no sign shall be given to it except the sign of the prophet Jonah.” And he left them and departed.

5 When his disciples came to the other side, they had forgotten to take bread.

6 Then Jesus said to them “Watch out and beware of the leaven of the Pharisees and of the Sadducees.”

7 And they reasoned among themselves “It is because we forgot the bread.”

8 Aware of this, Jesus said to them “You of little faith, why do you reason among yourselves ‘because we have brought no bread?’

9 Do you still not understand, or remember the five loaves of the five thousand, and how many baskets you took up?

10 What about the seven loaves of the four thousand, and how many baskets you took up?

11 How is it that you do not understand that I was not talking about bread, but that you should beware of the leaven of the Pharisees and of the Sadducees?”

12 Then they understood that he did not tell them to beware the leaven of bread, but of the doctrine of the Pharisees and of the Sadducees.

13 When Jesus came to the region of Caesarea Philippi, he asked his disciples “Who do people say the Son of Man is?” 

14 And they said “Some say that you are John the Baptist, some Elijah, and others Jeremiah or one of the prophets.”

15 He said to them “But who do you say that I am?”

16 Simon Peter answered “You are the Christ, the Son of the living God.”

17 Jesus answered and said to him “You are blessed, Simon Barjona. For flesh and blood has not revealed this to you, but my Father who is in heaven.

18 And I say also that you are Peter, and on this rock I will build my church; and the gates of hell shall not prevail against it.

19 I will give you the keys of the kingdom of heaven. Whatever you bind on earth will be bound in heaven: and whatever you loose on earth shall be loosed in heaven.”

20 Then he strictly charged the disciples to tell no one he was the Christ. 

21 From that time on Jesus began to explain to his disciples that he must go to Jerusalem, and suffer many things of the elders and chief priests and scribes, and be killed, and then be raised again the third day.

22 Then Peter took him aside and began to rebuke him, saying “Far be it from you, Lord: this shall never happen to you!”

23 But he turned and said to Peter “Get behind me, Satan. You are an offense to me, for you do not set your mind on the things of God but on those of men.”

24 Then said Jesus to his disciples “If any man will come after me, let him deny himself, and take up his cross, and follow me.

25 For whoever will save his life shall lose it: and whoever will lose his life for my sake shall find it.

26 For what does it profit a man if he gains the whole world, and loses his own soul? Or what shall a man give in exchange for his soul?

27 For the Son of man will come in the glory of his Father with his angels; and then he shall reward every man according to his works.

28 Truly I say to you that some are standing here which shall not taste of death ‘till they see the Son of man coming in his kingdom.

Compare and contrast: Matthew 16 in ESV, HCSB, NASB, NIV via Bible Gateway.