Art Cashin: It's technical! Watch these levels

Cashin says: Market shocked into plus territory

Art Cashin said even though an analyst's upgrade Thursday morning of Exxon Mobil briefly "shocked" an oversold market into "plus territory," that effect has "worn off" and a lot of what's happening on Wall Street is now "technical, rather than news related."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "the viewers should watch this morning's low in Nasdaq, 4131 ... and in the S&P there should be some support: 1837-1841."

He also thinks investors should keep a "better look on the housing market" because "it's showing some signs of maybe bumping into a wall" as mortgage rates rise.

—By CNBC's Alex Crippen. Follow him on Twitter @alexcrippen.