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.