Here's why Art Cashin says the 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 high early Thursday, but longtime trader Art Cashin told CNBC he's taking a wait-and-see approach before determining whether stocks are entering a steady upside move.

"The market is a great tease here," Cashin said 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 equity index has gained about 1% in the past month, compared with a roughly 4% gain for the tech-heavy Nasdaq Composite.

More In CNBC TV Picks

CNBC ProMohamed El-Erian says Fed should keep focus on inflation even with economy 'weakening really fast'
CNBC ProDan Niles dumps internet stocks ahead of an 'ugly' week of earnings
CNBC ProMarket bottom is coming later this year, Interactive Brokers' Peterffy says