Isakov and Marti - Technical Analysis with a Long Term Perspective: Trading Strategies and Market Timing Ability

"Abstract:      This article extends the literature on the profitability of technical analysis in three directions. First, we investigate the performance of complex trading rules based on moving averages over longer horizons than those usually considered. The different trading rules are simulated on daily prices of the S&P 500 index over the period 1990 to 2008 and we find that trading rules are