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The predictive power of stock market indicator Ben Branch The journal of financial and quantitive analysis | The Predictive Power of Stock Market Indicators Ben Branch STOR The Journal of Financial and Quantitative Analysis Volume 11 Issue 2 Jun. 1976 269-285. Stable URL http links.jstor.org sici sici 0022-1090 28197606 2911 3A2 3C269 3ATPPOSM 3E2.0.CO 3B2-Y Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http www.jstor.org about terms.html. JSTOR s Terms and Conditions of Use provides in part that unless you have obtained prior permission you may not download an entire issue of ajournai or multiple copies of articles and you may use content in the JSTOR archive only for your personal non-commercial use. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. The Journal of Financial and Quantitative Analysis is published by University of Washington School of Business Administration. Please contact the publisher for further permissions regarding the use of this work. Publisher contact information may be obtained at http www.jstor.org joumals uwash.html. The Journal of Financial and Quantitative Analysis 1976 University of Washington School of Business Administration JSTOR and the JSTOR logo are trademarks of JSTOR and are Registered in the U.S. Patent and Trademark Office. For more information on JSTOR contactjstor-info@umich.edu. 2002 JSTOR http www.jstor.org Sat Jun 22 00 17 09 2002 JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS JUNE 1976 THE PREDICTIVE POWER OF STOCK MARKET INDICATORS Ben Branch Empirical research has cast so much doubt on chart readers that most capital theorists have about as much faith in charts as astronomers have in astrology. Certainly there is overwhelming evidence that attempting to predict future price changes on the basis of past price behavior is unproductive. There is however another aspect of technical analysis which has received much less attention from academicians. In its narrow form .
