Watch Art Cashin: 'Check engine lights' for stocks

Art Cashin says there are several indicators that are flashing a warning sign for stocks.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midafternoon that there are "some continuing divergences."

He notes that fewer stocks are making new highs, or even advancing at all, and that could be a warning the market is running out of steam.