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The bulls will stampede down Wall Street, if only the index can climb past two key technical levels, veteran trader Art Cashin told CNBC on Monday.
The S&P has found resistance--the technical level at which the index has failed to breach—at around the 1,980 level, Cashin, director of floor operations at the NYSE for UBS, said on "Squawk on the Street. "
If the S&P can break through 1,980, though, resistance will fall between the 1,985 and 1,988 levels, he said.
"If they get through those, then they can say they've reclaimed the high ground for sure and move on from there," Cashin said.
This week, traders will look for third-quarter earnings results and guidance for the fourth quarter, Cashin said. Nine S&P 500 companies are scheduled to deliver earnings this week.
Market pros will also keep tabs on mounting geopolitical tensions, including a possible advance of the Islamic State terror group into Baghdad, he said.