Artwork Cashin

David A. Grogan | CNBC

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

“The market is a superb tease right here,” Cashin stated on “Squawk on the Street.” “They go up, appear to be they’re breaking out, after which they hesitate. They pull again into that rectangle [trading range], so we will give it a few days of testing and see what occurs.”

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