Does the Bullish Percent Index Predict Market Direction?
August 31, 2007 - Sentiment Indicators, Technical Trading
Is the Bullish Percent Index a useful indicator of overall stock market or sector direction by reliably identifying overbought/oversold conditions from which stock prices are likely to revert? In a study published in the 2005 Journal of Technical Analysis, Andrew Hyer relates the simple average Bullish Percent across 40 stock market sectors (BPAVG) to future… Keep Reading