This Dow rally will end March 23: Analyst

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.

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.

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."

He says hedge funds, bargain-seeking traders, and investors who want to prove we're still in bull market territory, have helped drive up Dow stock valuations in recent sessions. But once the stock reaches overhead resistance levels — the price level which asset prices find difficulty breaking through — hedge funds will renew their short positions as the global economy continues to cool.

"The final low of the bear market isn't even this year, it's next year. But this is a damn good rally and I think it will surprise people how good it is," Griffiths said.

CNBC