Art Cashin, UBS Financial Services director of floor operations, offered CNBC his outlook for Wednesday's market.
The bulls managed to hold key S&P support levels yesterday, Cashin said, "but that makes today even more critical." If critical support levels are breached, "then the shorts may come in and try to swarm."
"It'd be nice if we could get a few months off from congressional hearings — then maybe we could get a real rally together."