Stocks hit record highs on Tuesday, but there are a few factors that could derail the rally.

But first, here are the numbers. The Dow Jones Industrial Average touched 19,000 for the first time ever, while the S&P 500 crossed 2,200 for the first time. The tech-heavy Nasdaq also reached a record high of roughly 5,388.

The Dow is up 21.3% since its low on Feb. 11, while the S&P 500 is up 20.4% since its low on the same day.

James Hughes, chief market analyst at GKFX, based in London, said the steep upward climb in stocks since Donald Trump's presidential victory is worrisome.

"The markets are rallying, but the substance behind it isn't necessarily there," Hughes said. Should the market see a pullback in the near term, he said it may be just as steep as it was on the way up.

That's not to say there aren't legitimate factors moving stocks higher, such as a possible OPEC deal that could be announced on Nov. 30, which has boosted oil prices.

Still, Hughes says a failure of OPEC to reach a production deal next week could sink stocks. 

OPEC is aiming to reduce output to 32.5 million to 33 million barrels per day. In October, the cartel produced a record 33.8 million barrels per day.

Meanwhile, a Federal Reserve rate hike could interrupt the record highs reached in stocks since Donald Trump's presidential victory, according to Hughes.

The markets are pricing in a near-100% chance that the Fed will announce a rate hike at its December meeting.

Investors have enjoyed years of crisis-era interest rates, which have contributed to this nearly eight-year-old bull market. Low interest rates make stocks more attractive as investors search for yield. The Federal Reserve will make its interest rate decision on Dec. 14.

Aside from the Fed, Hughes is watching the European Central Bank's December meeting. Should the ECB provide a weak eurozone economic outlook for 2017, that is another factor that could interrupt the rally in equities, according to Hughes.

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