Art Cashin said traders will be paying attention when the Federal Reserve releases its post-meeting statement this afternoon, but may have to wait until June for the real action.
Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday, "People, I hear, are beginning to try to tiptoe past this meeting. The next meeting, in June, will have several of the new members there: Stanley Fischer will be on, Lael Brainard will be on. So you may begin to see a real battle come in the June 17 meeting. So people just want to get by this one."
He does think that we may start to see some effects from the Fed's tapering, as it continues to reduce its monthly asset purchases.
Cashin also noted that the S&P 500 stock index has been stuck yesterday and today in a resistance band of 1877 to 1881. He sees a resistance level for the Dow at 16,585.
—By CNBC's Alex Crippen. Follow him on Twitter @alexcrippen.