Bulls have the momentum now, says Art Cashin

A slew of positive economic data released Tuesday helped send stocks higher and gave the bulls "the momentum back," veteran trader Art Cashin told CNBC.

Art Cashin
Adam Jeffery | CNBC
Art Cashin

Durable goods unexpectedly rose 0.8 percent in April, according to the Commerce Department, exceeding expectation for a loss of 0.7 percent.

Adding to positive news, S&P/Case-Shiller's composite index of 20 metropolitan areas rose 0.9 percent in March, edging past expectations for a gain of 0.7 percent.

Read MoreHome prices jump in March: S&P/Case-Shiller

Meanwhile, consumer confidence hit 83 in May, in line with expectations.

Read MoreUS consumer optimism brightens in May: Conf. Board

However, Cashin warned the technicals might prove troubling for the bulls. Cashin, director of floor operations at UBS, thinks the S&P 500 index could hit resistance.

"They have a minor obstacle in the S&P in the area between 1,910 and 1,913," Cashin said on CNBC's "Squawk on the Street." "If we push through that [level] things should be alright."

Looking forward, Cashin said the markets will get a read on the macroeconomic picture when gross domestic product is released Friday.

Finally, he expects continued strength in Treasurys, with the 10-Year note yielding 2.35 percent.

—By CNBC's Drew Sandholm with CNBC's JeeYeon Park.

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