Stocks have entered bear market territory, and any rallies from here are just opportunities to sell — not buy, analysts have told CNBC.
Wall Street closed sharply higher Friday, following a boost in European and American bank stocks. The Dow Jones industrial average gained more than 300 points Friday, snapping a five-day losing streak but it had still lost about 1.4 percent for the week.
"I think people are finally seeing lots of things worth buying," Adrian Day,chairman and CEO of Adrian Day Asset Management, said Friday.
The bounceback was also seen across Europe and Asia Monday, with markets ignoring poor data out of China and celebrating European Central Bank President Mario Draghi pledging that the bank will "not hesitate to act" to help bolster the euro zone.
However,several analysts told CNBC Monday that the rallies, including the 7.2 percent surge on the Nikkei and a two-day rally across European stocks, are only temporary moves in a prolonged downward, were only temporary.
The Dow Jones Industrial Average , for example, will hit its peak on Wednesday, March 23rd, Robin Griffiths, the chief technical strategist at the ECU Group told CNBC. To be more specific Griffiths light-heartedly added that the peak will be reached "just after lunch."