Art Cashin Thinks That The Market Is Headed Lower

Art Cashin appeared on CNBC today stating that he thinks that this week is very crucial for the stock market. The jobs report and corporate earnings report are due to come out this week. Cashin believes that if the reports are negative that the market could be headed for a major turn lower. Cashin stated that the 1160 level is key resistance for the S&P 500. If the S&P fails to take out this level then the index could drop lower. Cashin believes that if the market fails then it is headed for a serious correction.