GO
Loading...

Art Cashin: Focus on This S&P Resistance Level

Stocks opened higher Friday after news that core consumer prices were holding steady—then turned mixed after a weak consumer confidence number. Will the bulls manage a breakout and seize the momentum or will resistance cause a pullback? Art Cashin, director of floor operations at UBS Financial Services, shared his insights.

Today "is very critical,” Cashin told CNBC.

“Today, the viewer should be keyed in to the S&P resistance at the 1,130 to 1,133 [level].”

Cashin said he expects volume to remain light, as a lot of the retail investors have been reluctant to dive in since the May 6 flash crash.

“People are waiting for a clearer sign from the elections. The primaries only serve to confuse things further, so I don’t know if we’re going to get in in earnest," he said.

"But if we break out through that upper range, we’re certainly going to bring in a lot more traders.”

______________________________
Scorecard—What He Said:

  • Cashin's Previous Appearance on CNBC (Sept. 14, 2010)

______________________________
More Market News & Analysis:

______________________________
CNBC Data Pages:

______________________________
CNBC Slideshows:

______________________________

______________________________
CNBC's Companies in the News:

Citigroup

  • Citigroup to Sell Student Loan Corp to Discover

Johnson & Johnson

  • Johnson & Johnson Aims to Buy Out Crucell

Oracle

BP

  • After Five Months, BP's Relief Well Intercepts Gulf Well

Netflix

______________________________
Disclosures:

No immediate information was available for Cashin or his firm.

______________________________

Disclaimer