We present contemporary infrared and optical spectroscopic observations of the type IIn SN 1998S for the period between 3 and 127 days after discovery. In the first week the spectra are characterised by prominent broad emission lines with narrow peaks superimposed on a very blue continuum(T~24000K). In the following two weeks broad, blueshifted absorption components appeared in the spectra and the temperature dropped. By day 44, broad emission components in H and He reappeared in the spectra. These persisted to 100-130d, becoming increasingly asymmetric. We agree with Leonard et al. (2000) that the broad emission lines indicate interaction between the ejecta and circumstellar material (CSM) and deduce that progenitor of SN 1998S appears to have gone through at least two phases of mass loss, giving rise to two CSM zones. Examination of the spectra indicates that the inner zone extended to <90AU, while the outer CSM extended from 185AU to over 1800AU. Analysis of high resolution spectra shows that the outer CSM had a velocity of 40-50 km/s. Assuming a constant velocity, we can infer that the outer CSM wind commenced more than 170 years ago, and ceased about 20 years ago, while the inner CSM wind may have commenced less than 9 years ago. During the era of the outer CSM wind the outflow was high, >2x10^{-5}M_{odot}/yr corresponding to a mass loss of at least 0.003M_{odot} and suggesting a massive progenitor. We also model the CO emission observed in SN 1998S. We deduce a CO mass of ~10^{-3} M_{odot} moving at ~2200km/s, and infer a mixed metal/He core of ~4M_{odot}, again indicating a massive progenitor.