Stock watcher Art Cashin said Tuesday the market is churning in a narrow band of resistance, one day after warning stock gains could be approaching stall speed.
But the new highs came on low volume, and the S&P topped out at 2,193.8 intraday. That was within the band of 2,191 to 2,194 Cashin identified as the resistance range.
"We churned through that band for virtually the whole day. By informal trader folklore, that band is still there, but you notch it up a little bit, so it becomes 2,192 to 2,195. We'll see if any rally takes us up there," Cashin, UBS' director of floor operations at the New York Stock Exchange, told CNBC's "Squawk on the Street."
On Tuesday, the S&P pulled back slightly to trade at about 2,182.
A four-day rally in crude markets should help stocks, Cashin said, but he added that top oil exporter Saudi Arabia is unlikely to dial back production much. Crude's rise has been driven by speculation that OPEC members and Russia could soon take action to prop up prices.
He also acknowledged the view that crude oil buying is primarily due to bears covering their short positions.
"It's a repeated fact. We've done it again and again and again, but we'll have to wait until that kind of slows down," he said.