Art Cashin says investors should watch the S&P 500 stock index to see if it rises through a technical resistance level at 1774 because that could signal more gains to come.
Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday "we got up to 1773 and three-quarters and stopped... If they get some levitation, that's an area to watch."
He also says he doesn't see a big increase in the number of retail investors in the stock market. Even if some are coming back, Cashin says they are "playing the ETF game" so he's not seeing any increase in demand for individual company stocks.