Stock markets could be set to stall if the dollar continues to strengthen, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday.
"If we go into this risk-off period, then you will indeed see the dollar rally, and the most recent bars on the chart do appear to show the dollar rallying. So this suggests you might get a top on equity markets," Griffiths said.
The dollar has regained some of its earlier losses against the euro and yen in November, but has seen long-term weakness before that.
"Even if the dollar does rally, it is within the context of a longer-term downtrend in the dollar," according to Griffiths.
Meanwhile, strength in the Shanghai Composite Index is over for now, Griffiths said.
"It's clearly moved down quite rapidly, it fell 5 percent in a single day and then another 3 percent after that," Griffiths said while taking a technical look at the Chinese index.
"That technically is usually very significant and clearly the uptrend it had been in up until then … has clearly ended," he said.
Griffiths also takes a technical look at the VIX volatility index.