U.K. and European stocks have broken through key technical levels in recent days and are now likely to be in long-term "bear" markets, according to one strategist.
Robin Griffiths, global macro team chief technical strategist at U.K.-based currency investment firm ECU Group, explained that "death crosses" had been reached — where markets fall below their long-term trend line, which is then itself crossed by its short-term trend line.
"If you've seen a dead cross you've probably seen a bull market and you're now in a bear," he said. "Some (markets) have formed dead crosses and the message from the charts are the U.K. and core Europe have formed dead crosses and there's a very high probability they are now in a bear market."
The U.K. FTSE 100 and the German DAX are both down by around 8 percent year-to date amid a wider slump in global markets. The recent sell-off in technology stocks has compounded the move lower after a market correction earlier this year. Rising interest rates and fears of a global trade war have also sparked concerns that the long run-up in stock markets could end very soon.
Some investors have started questioning whether stocks are reaching the end of their bull market — where prices rise consistently over the long term.