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Jobs report? Actually, watch this, says Cashin

Veteran trader Art Cashin told CNBC on Friday that the October jobs report might not be what's moving markets after all.

Though the stock market initially rallied on the October jobs data released early Friday, Wall Street seemed unenthused as the day went on and stocks were little moved.

"I think the markets were a little bit overbought. ... The jobs report was marginally disappointing. The whisper numbers were a little bit higher," Cashin, director of floor operations at the New York Stock Exchange for UBS, said on "Squawk Alley."

Art Cashin
Adam Jeffery | CNBC

The Labor Department reported payrolls increased by 214,000 last month, less than the 231,000 anticipated, while the jobless rate fell to 5.8 percent.

Read MoreJobs report shows solid but plodding improvement

Cashin said it seems Wall Street is more closely watching technical indicators.

"The key trading event for today, actually, has been that in the morning weakness the Nasdaq went down to yesterday's low and re-tested yesterday's low, almost to the penny, and when that held and they started to lift a little bit, all the other indices turned back up," he said, adding investors should monitor the 4,605 level on the Nasdaq specifically.

"That's pretty much where it was, and if we go back and revisit it, it's important that it hold again," he said.