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Watch Art Cashin: Why bulls are 'on the defensive'

Friday, 27 Sep 2013 | 12:56 PM ET
Cashin: S&P breaks 1,695 neckline; bulls become defensive
Friday, 27 Sep 2013 | 11:40 AM ET
CNBC's Mary Thompson and Art Cashin, of UBS, discuss why markets are vulnerable to move down to the 1,660 level.

Art Cashin says stock market bulls are going to be "on the defensive" for the next few weeks after the S&P 500 stock index moved decisively below a key support level of 1693-1695.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Mary Thompson around midday that the S&P is vulnerable to a drop back to 1660 after breaking through the "neckline" of a technical "head and shoulders" pattern.

He also warns that the market is nervous about the last day of the third quarter on Monday amid fears Congress won't come up with a way to avoid a partial government shutdown on Tuesday. "Monday is a very critical day."

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