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'The bulls are back,' says Art Cashin

Hear that? It's the sound of the bulls stampeding down Wall Street.

"The bulls are back with the momentum," veteran trader Art Cashin told CNBC on Thursday.

Art Cashin
Adam Jeffery | CNBC
Art Cashin

The director of floor operations at the NYSE for UBS has been surprised with the bulls' tenacity of late, too, especially during Wednesday's session.

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"The bears had the momentum coming into the opening and they gave it up after about 12 minutes, and it certainly looked like the 'buy the dip' crowd came back in. They apparently have this strategy of, when things are moving to the downside, stand aside," Cashin said on "Squawk on the Street." "Yesterday morning, we failed to make a lower low than the previous day's reversal low and they immediately came back in and started buying."

If the bulls maintain momentum, Cashin said, the S&P 500 index will find resistance between the 1,970 and 1,975 level. Even if the bears are able to take control, he thinks the S&P will hold at the 1,940 level.

By CNBC's Drew Sandholm.

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