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What Art Cashin is eyeing this week—it's not data

As U.S. markets continue to trend upwards, Wall Street will be looking abroad for a push in this data-light week, veteran trader Art Cashin told CNBC Monday.

The European Central Bank announced a series of stimulus measures last Thursday, and U.S. markets rocketed higher on the news. Those policies, which include a negative interest rate on banks for their deposits, will continue to provide important insights for traders as they begin to go into effect later this week, according to Cashin, UBS' director of floor operations at the NYSE.

"The ECB is going to begin implementing some of their plans, and I think we'll get a chance—probably by mid-week—to see how that's going to begin to work out," he said.

Read MoreWatch Art Cashin: Why the stock market keeps rising

Art Cashin
Adam Jeffery | CNBC
Art Cashin

Asked why he remains "so negative" about equities in the face of cheap money and low volatility, Cashin responded that there is an historical precedent to exceed 80 months without a 10 percent correction—the market has gone about 40 months now since it's last such drop.

Cashin cautioned against running head first into the market, saying he would not recommend "loading up" on equities. Instead, he suggests investors benefit from the market's upward momentum incrementally.

Read MoreArt Cashin: Wall Street doubts ECB moves

The market veteran also said he will be watching the progress of the Russell 2000 and the Nasdaq Composite, explaining that if either touches a recent high, then bears may be forced to cover their shorts.

—By CNBC's Everett Rosenfeld

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