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)
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No immediate information was available for Cashin or his firm.