S&P 500's move to a new record may be 'slightly suspect'

Art Cashin

David A. Grogan | CNBC

The S&P 500 hit an all-time excessive early Thursday, however longtime dealer Art Cashin advised CNBC he is taking a wait-and-see strategy earlier than figuring out whether or not shares are getting into a regular upside move.

“The market is a great tease here,” Cashin stated on “Squawk on the Street.” “They go up, look like they’re breaking out, and then they hesitate. They pull back into that rectangle [trading range], so we’re going to give it a couple of days of testing and see what happens.”

The S&P 500 was up by about 0.3% on Thursday. The broad fairness index has gained about 1% previously month, in contrast with a roughly 4% achieve for the tech-heavy Nasdaq Composite.

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