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An Analysis of the Advance-Decline Line as a Stock Market Indicator

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  • Zakon, Alan J.
  • Pennypacker, James C.

Abstract

Perhaps one of the most time-honored of technical market indicators is the Advance-Decline Line. Its predictive powers as a leading indicator of the general market have been written about, and historical data on this index are published in Barron's. However, the validity of this series as a leading indicator has not been subjected to rigorous statistical analysis.

Suggested Citation

  • Zakon, Alan J. & Pennypacker, James C., 1968. "An Analysis of the Advance-Decline Line as a Stock Market Indicator," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 3(3), pages 299-314, September.
    • Handle: RePEc:cup:jfinqa:v:3:y:1968:i:03:p:299-314_01
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    Cited by:

    1. Robert T. Daigler & Bruce D. Fielitz, 1981. "A Multiple Discriminant Analysis Of Technical Indicators On The New York Stock Exchange," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 4(3), pages 169-182, September.
    2. Gong, Xue & Zhang, Weiguo & Wang, Junbo & Wang, Chao, 2022. "Investor sentiment and stock volatility: New evidence," International Review of Financial Analysis, Elsevier, vol. 80(C).
    3. Li, Xiaodan & Gong, Xue & Ge, Futing & Huang, Jingjing, 2024. "Forecasting stock volatility using pseudo-out-of-sample information," International Review of Economics & Finance, Elsevier, vol. 90(C), pages 123-135.

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