It may be silly to suggest stocks are running out of steam as they strike new highs, but that may be exactly what is happening, according to Art Cashin, director of UBS floor operations at the New York Stock Exchange.
The S&P 500 hit a new intraday all-time high of 2,192 on Monday, extending gains from the previous week, when the Dow, S&P 500 and Nasdaq all closed at record highs on Thursday for the first time since December 1999.
"There is some risk that we're approaching stall speed here, that they did it in such an incremental fashion that it really hasn't swept up everybody's attention," Cashin told CNBC's "Squawk on the Street" on Monday.
To be sure, Cashin sees the S&P likely rising to 2,200 if it breaks through resistance levels between 2,191 and 2,194. To do that, stocks need to get a bounce on resurgent crude futures, which were trading at a nearly one-month high on Monday on signs that producers may take action to put a floor under oil prices.
However, 2,200 could possibly define the upper end of the S&P's range for some time, much as 2,100 did for more than a year, he said.