(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) This week is a big one to watch amid the the escalating U.S.-Iran war and ahead of earnings results and economic data that could provide key clues on the health of the American consumer, Jay Woods says. Woods, chief market strategist at Freedom Capital Markets, is looking to see how U.S. stocks and crude oil prices will be affected as U.S. combat operations against Iran continue, and as the Strait of Hormuz, a key maritime corridor for a fifth of the world's oil, remains shut. He says to watch if the price of crude climbs above $72 per barrel. "If that [crude level] escalates, we can see that go a little higher," Woods said. "That puts the Fed behind the eight ball, because what is it? It's inflationary. It's a tax on the American consumer. So keep an eye on the price of crude right now. Not a major concern, but look for those energy spikes to continue over the next coming days." More importantly, he said that the broader market could fall under more pressure if the S & P 500 breaks below its 100-day moving average of 6,830, a key technical support level. .SPX 1Y mountain S & P 500 performance over the past year. One telling sign for the Federal Reserve of how the economy is performing will come from the February jobs report, out Friday, Woods said. Estimates are that the U.S. economy added 60,000 jobs in February, and that the unemployment rate was unchanged at 4.3%, according to FactSet. The report is highly-awaited given last Friday's hot wholesale inflation print, which pushed stocks lower. "Let's hope it comes in in line," Wood said of the jobs report. "If we see a spike in that, that also puts the Fed in a precarious position as we head into March and their meeting later on this month," Woods said. Lastly, a handful of earnings are on deck this week after most fourth-quarter results have been reported. Woods is watching for results from CrowdStrike , Target and major chip supplier Broadcom . Take a look at the levels he's keeping an eye on: CrowdStrike is down 20% year to date, putting the stock at a "precarious technical level," Woods said. If CrowdStrike breaks below the $370 level, the strategist said the stock could have a flush-out. Conversely, it could see a bit of a relief rally after its Tuesday report if it holds above there, he said. Target has outperformed the broader market this year. "That risk-reward is favorable for a relief rally to continue to about $140. Any pullback, may be an opportunity to get into the name. Watch this $107 level on a drawdown," Woods said ahead of the retailer's Tuesday report. Broadcom is sitting at a "crucial technical level" ahead of its earnings due on Wednesday. "We're watching that 200-day moving average very carefully. If Broadcom can guide and beat, let's hope it can stabilize," he said. (This weekly video is exclusively for CNBC PRO subscribers.)
