Watch Art Cashin: 'It could surprise some people'

Art Cashin said that while many on Wall Street are looking at bearish technicals he's watching a developing bullish pattern that "could surprise some people."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that the Nasdaq has been "building an inverse — an upside down — head-and-shoulders, which might be able to give it a bit of a boost... but it will take a little working out."

He noted that this morning "there was a little bit of anxiety when the Nasdaq had a slight sinking spell, looked like it might decide to go negative...That is a key to watch for today."

—By CNBC's Alex Crippen. Follow him on Twitter @alexcrippen.