The S&P 500 has spent months consolidating with 7,000 acting as a clear resistance level—multiple breakouts above it haven’t held. In this video, we walk through what’s different about the latest attempt and why the next two data points could matter most: the delayed BLS Nonfarm Payrolls report on February 11 (jobs expectations around +68,000) and Friday’s CPI inflation print (2.5% year over year expected). We break down the core bullish narrative in plain English: a Federal Reserve leaning more dovish, an economy still expanding, and the AI trade potentially broadening beyond hardware into energy and productivity stocks. We also cover the main risk: if labor data shows more than mild weakness—or if inflation doesn’t keep trending lower—markets could reprice quickly. Insights from Jim Iuorio.