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Art Cashin: Rally Can Hold — If Stocks Break This Level

The U.S. Dollar Index has been trading higher in the last few days, the longest winning streak since the 11 consecutive days of gains back in August 2008, while the markets' trading sessions have been rocky. Is the “tether” between the markets and the dollar being stretched or broken?

Art Cashin, director of floor operations for UBS Financial Services, offered CNBC his insights.

“Yesterday when the dollar basket went up in the afternoon, it drove gold and oil into negative territory, but stocks only gave up a portion of their gains," Cashin told CNBC. "A week or two ago, they would have gone negative on that."

“We’re right at the top end of the range—the Nasdaq managed to make a higher high.”

Cashin said if the S&P can reach 1,120 to 1,125, then the market has potential to hold the rally.

"The bulls have the football, and I’d love to see better volume," he said.

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Disclosures:

No immediate information was available for Cashin or his firm.

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