Looking at Friday session, it is of course nonfarm payroll Friday so there will be very little action before that announcement. However, when we look at the charts overall, there are a couple of things that we noticed. The first thing is that the EUR/USD pair continues to struggle with the 1.15 level. That area has caused so much in the way of resistance that we are looking for resistive candles on short-term charts in order to buy puts. Have no interest in buying this pair, because we believe that no matter what happens today with the jobs announcement, the simple matter is that the Euro is far too soft.
The S&P 500 broke out to the 2060 level during the session on Thursday, but still struggles with that area as resistance. We believe that any short-term pullback should be a call buying opportunity as the S&P 500 will eventually break out of this market. Regardless, but notice in selling because we have such bullish pressure underneath.
The silver markets continue to struggle right around the $17 level, but looks very consolidative at this point. We will wait until we see the daily candle print in order to make a decision, but right now we do have more of an upward bias in this market but recognize also that the $17.15 level above is massively resistive. Ultimately, we think that the silver markets probably go as high as $18.50, but recognize that it will be very volatile.
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