NEW YORK (TheStreet) --With the eyes of the financial world seemingly fixed on Brexit, it begs the question about what other major risks are being underestimated by the market.

Placing Brexit to the side momentarily, StifelNicolaus' Chad Morganlander and Oppenheimer Technician Ari Wald appeared on CNBC's "Power Lunch" today and commented on what they believe may be other potential risks to the market.

Morganlander believes the answer to what investors are not considering lies within the global markets. "Global growth will continue to decelerate to about 2% over the next 12 to 18 months" he said.

Morganlander also echoed this importance in relation to S&P companies, saying deceleration in credit growth in emerging markets especially, would be "a bearish sign for global economies and markets."

In terms of anticipating this deceleration, Ward pointed to the cause of such an event, "We believe it is still in Europe." He then moved on to comment on their market charts which, as he pointed out, have broken a seven-year uptrend. With this broken trend Ward thinks "this is an area of the markets you want to continue to sell," he expressed little confidence in the European markets in general.