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UBS Art Cashin: I'll be watching what crude does

As the Thanksgiving holiday rolls around, Art Cashin said Tuesday he's watching crude to gauge how the markets will behave this week.

"I think a lot of it will depend on what crude does," the director of UBS' floor operations at the NYSE said on "Squawk on the Street." "If it pulls appreciably back below 48, you're going to hear from some of the technicians it has by count achieved a reversal to a level that our mutual friend Dennis Gartman refers to as the box — the retracement level that you come back into."

Cashin added, "Quite often when stocks re-rally into something or commodities re-rally into something like that, you do get a pullback. So, I'll be watching crude here."

Oil prices gave up gains on Tuesday after rising to a three-week high. Brent crude oil futures were down 13 cents at $48.77 a barrel at midday Tuesday, while U.S. West Texas Intermediate crude futures down 49 cents at $47.75 a barrel.

—Reuters contributed to this report.