A slew of positive economic data released Tuesday helped send stocks higher and gave the bulls "the momentum back," veteran trader Art Cashin told CNBC.
Durable goods unexpectedly rose 0.8 percent in April, according to the Commerce Department, exceeding expectation for a loss of 0.7 percent.
Adding to positive news, S&P/Case-Shiller's composite index of 20 metropolitan areas rose 0.9 percent in March, edging past expectations for a gain of 0.7 percent.
Meanwhile, consumer confidence hit 83 in May, in line with expectations.
However, Cashin warned the technicals might prove troubling for the bulls. Cashin, director of floor operations at UBS, thinks the index could hit resistance.
"They have a minor obstacle in the S&P in the area between 1,910 and 1,913," Cashin said on CNBC's "Squawk on the Street." "If we push through that [level] things should be alright."
Looking forward, Cashin said the markets will get a read on the macroeconomic picture when gross domestic product is released Friday.
Finally, he expects continued strength in Treasurys, with the 10-Year note yielding 2.35 percent.
—By CNBC's Drew Sandholm with CNBC's JeeYeon Park.