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Watch Cashin: How market reacted to Fed statement

Art Cashin said the stock market "flopped around a little bit" after the Federal Reserve said it will continue to reduce its asset purchasing by $10 billion per month, with traders "taking their direction from the yield on the (U.S.) 10-year (note) which had gotten much improved and now is not so much improved."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani just after the Fed issued its statement that the central bank's next meeting could be "far more important" to the markets. "We're going to have several new people in there," including Stanley Fischer and Lael Brainard.

Cashin notes that Brainard "probably will have a more dovish sense having served in several Democratic administrations."

On stock market technicals, Cashin said the S&P 500 stock index "needs to break out of some near-term resistance" in the area of 1877 to 1882. "We've been churning in this range."

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

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