WATCH: This One Factor Could Prevent the S&P 500 From Retesting its Record High

Barring any major political disasters, the S&P 500 could retest its January record high of 2,873 in the coming weeks, according to Matthew Cheslock, an equity trader with Virtu Financial, based on the floor of the New York Stock Exchange. 

"We've gotten some benign numbers on inflation - both CPI and PPI," he said. "So that probably takes the fourth rate hike out of the picture at least this month - and that'll be healthy for the market."

The producer price index and the consumer price index both rose 0.2% in February month-over-month, in-line with Wall Street's estimates. 

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