The US stock market is on the verge of making history

The Dow Jones Industrial Average is two days away from breaking its record of consecutive all-time highs.

On Monday, February 27, the index closed at 20,837.44, achieving a record high for a 12th straight day. It's up nearly 14% since President Donald Trump won the US presidential election, in a rally that has been fueled by hopes he would deliver on tax cuts and deregulation.

Meanwhile, some analysts are worried about the relentless rally, which has front run policy implementation out of Washington.

The relative valuation of the benchmark Standard & Poor's 500 index, as measured by the median price-to-earnings ratio, was above its historical average before the election.

Additionally, there are signs of complacency in the market. The Dow has not fallen by more than 1% or more for 94 straight trading days, the longest stretch since November 2016.

The market's expectation of volatility measured by the Chicago Board Options Exchange volatility index, or VIX, has remained low for the last few weeks. Because the VIX also reflects the cost of hedging against wild market swings, its low level suggests flagging interest among investors in protecting for the downside.

The chart below stacks the Dow's current streak against previous stretches of record highs.

Andy Kiersz/Business Insider; Gluskin Sheff