Art Cashin: The bulls need to take charge again

It's been a rough week so far for investors in the indices.

The S&P 500 is down 0.7% since Monday while the Dow Jones Industrial Average is down nearly 1%. Both indices were down the first three consecutive days this week.

This has led Wall Street legend Art Cashin, Director of Floor Operations for UBS, to say this today on CNBC's "Squawk on The Street":

"The bulls need to seize control again. They are losing on the inside game – advances and declines – things like that. They really need to get it together. They've held the S&P above 1680. That's a really important area. And, if they're able to keep that, they will rebuild and get full control."

(Watch: Cashin: Market rally could happen if ...)

To be sure, this isn't a bad year for the indices. Year-to-date, the S&P 500 is up 19%, the Dow is close by at 18.5%. And, just last week, they reached record highs: The S&P 500 at 1709.67 and the Dow at 15,658.40.

So, is this mini rut a reason to be nervous? Looking at the charts on the Dow Jones Industrial Average is JC O'Hara, Chief Market Technician at FBN Securities. He says that besides prices levels, you also want to look at certain volume levels to see where the markets headed next.

(Watch: S&P 1,900 possible in 12 months: JPMorgan's Lee)

On the fundamentals is Steve Cortes, founder of Veracruz TJM. He says you need to pay attention to recent performance by consumer names in the Dow. And, he says investors should be concerned with what's going on in tech.

To see where O'Hara and Cortes think the Dow is headed next, watch the video above

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