S&P Heading to 1155 then 940 by October: Charts

Despite the recent rally for equities across the world, the bonds are winning the battle for investors' cash and will continue to do so according to Robin Griffiths, a technical strategist at Cazenove Capital.

"I expect the rally to last for only a few more days with highs for the S&P 500 and FTSE 100 to be reached by next week at the latest," Griffiths told CNBC.

"There is a chance that the S&P 500 will hit 1155 over the coming days and when it does, sell the index," he added. "We are in a bear market with various death crosses signaling we are heading lower."

The S&P 500 rose 37.78 points last week, or 3.55 percent to 1102.66.

"I expect losses for equities throughout August and September and see an October low for the S&P 500 of 940," he said.

The FTSE 100 could lose 15 percent from its current lever but Germany's DAX will outperform relatively, Griffiths said.

Bonds are the place to be, according to Griffiths.