The nonfarm payrolls report for May on Friday will be the economic data centerpiece in the holiday-shortened week as traders get back to work after Memorial Day weekend.

Markets will also get reports this week on S&P/Case-Shiller home prices, Chicago PMI, consumer confidence, ADP employment and factory orders, among others.

“Since the financial crisis of 2008/2009, when all risky assets first fell together and then rebounded together, it has become fashionable to describe the behavior of markets in simple ‘risk-on’ or ‘risk-off’ terms,” said David Kelly, chief market strategist at JP Morgan Funds, in a recent note.

“Investors are willing to take on more risk when news on the economy and corporate profits is positive and uncertainty is diminishing and reduce risk when the opposite holds,” he said. “To the extent that markets are being driven by this logic rather than long-term projections and valuation issues, the next few weeks still look challenging for the ‘risk-on’ trade.”

The major stock index ETFs ended last week with a slight decline as they extended their losing streak.

ETFs tracking the S&P 500 and gold miner stocks are at critical junctures and a bit more momentum could propel the ETFs to further gains, a market analyst said Friday. “Today the S&P 500 has risen above its 50-day exponential moving average following a teasing four day jaunt beneath it. The next hurdle to overcome is trendline resistance of a channel drawn down from the May 2 high,” said Tarquin Coe, technical analyst at Investors Intelligence, in a note to subscribers Friday. SPDR S&P 500 ETF (NYSEArca: SPY) gained 0.4% Friday afternoon. [Technical Analyst Likes S&P 500, Gold Miner ETFs]

The largest exchange traded fund for silver rose nearly 2% Friday to cap a strong week. Traders are wondering if the ETF’s recent bounce at about $32 a share indicates a short-term floor. The iShares Silver Trust (NYSEArca: SLV) is also rising to test its 50-day moving average. Other ETFs for silver include ETFS Physical Silver (NYSEArca: SIVR) and PowerShares DB Silver (NYSEArca: DBS). [Silver ETF Continues Bounce from $32 a Share]

Gregory A. Clay contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.