Confused about dollar-cost averaging and market timing

Been trying to get my head around whether it's better to just set up a DCA schedule for something like $SPX or $QQQ, or if there's a sensible way to incorporate market timing around big economic data. Like, if NFP comes in way off consensus, does that create a temporary dip/spike that you can capitalize on with DCA, or is that just trying to catch falling knives? Genuinely unsure how people balance those two approaches without just adding more risk.