Technical analysis profitability and Persistence: A discrete false discovery approach on MSCI indices

We investigate the performance of more than 21,000 technical trading rules on 12 categorical and country-specific markets over 2004–2015 study period. For this purpose, we apply a discrete false discovery rate approach in 240,000 hypotheses examine profitability, persistence robustness analysis. In terms our results, analysis has short-term value its profitability is mainly driven by momentum. Financial stress seems to have strong negative effect for US positive emerging other advanced markets.