Recent market moves have left traders with the sensation of visiting an amusement park, said Art Cashin, director of floor operations at the New York Stock Exchange for UBS.
"It's kind of like commuting by roller coaster, you know? Lots of twists and turns and terror and you end up pretty much where you started and it cost you money," he told CNBC's "Squawk on the Street" on Monday.
The Dow Jones industrial average followed up a triple-digit drop on Friday with a more-than-200-point move to the upside on Monday. The S&P 500 also rose above 2,100 on the first day of the trading week.
Cashin said he is keeping his eye on resistance levels in the range of 2,094 to 2,098 on the S&P 500, adding that earnings will be a key factor in the next potential move upward.
Earnings weakness has been concentrated in energy and basic materials, but most S&P results are looking OK, said Barry Bannister, Stifel Nicolaus chief equity strategist.
In his view, markets have historically shrugged off small changes in earnings growth trends. What markets need now is for reflationary policies to get some traction, he added.
Bannister would particularly like to see the European Central Bank's stimulus program lead to growth and more stability out of China, where the central bank is trying to hit growth targets without overheating parts of the economy.