According to Cundy, what should worry Arsenal is not their 2-0 defeat to PSV in the Europa League on Thursday night.
Gunners last two results were a lucky 1-0 victory over Leeds at Elland Road before being held in a 1-1 draw at Southampton.
“I’m not sure [the defeat to PSV] is the one they should be worried about,” said the former Chelsea defender on talkSPORT.
“ What perhaps could concern Arsenal in the last two halves in the last two games in the Premier League away at Leeds and away at Southampton, there was a drop off in intensity.
“That might be a little bit more of a concern.
Arsenal was lucky against Leeds, escaping a red card and the home side missing a penalty.
And in the second half against Southampton, the Gunners suffered to escape defeat.
“Long-term that’s going to be where Arsenal fans are probably going to be a little bit more fearful about that squad depth,” Cundy added.