Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
958509 | Journal of Empirical Finance | 2008 | 12 Pages |
Abstract
This paper investigates whether intraday technical analysis is profitable in the U.S. equity market. Surveys of market participants indicate that they place more emphasis on technical analysis (and less on fundamental analysis) the shorter the time horizon; however, the technical analysis literature to date has focused on long-term technical trading rules. We find, using two bootstrap methodologies, that none of the 7846 popular technical trading rules we test are profitable after data snooping bias is taken into account. There is no evidence that the market is inefficient over this time horizon.
Keywords
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Ben R. Marshall, Rochester H. Cahan, Jared M. Cahan,