93 Technical Indicators that don’t Predict Market Returns

We review the predictability of a wide range of 93 technical market indicators in predicting the S&P 500 returns. This adds to the literature with evidence from widely used but less examined market indicators, to more conclusively answer the question of whether technical analysis is useful or not. Overall, we do not find the market indicators generate profits that beat the buy and hold strategy. This result does not change if we consider the possibility of regime-switching predictability on business cycles or sentiment cycles. Moreover, our results remain robust if we use a GARCH (1,1) or robust regression method.