41.170.1270.810.5321.210.110
0.940.3460.910.3790.730.6610.850.467
1.760.0040.870.4420.870.4321.110.170
0.900.3950.640.8020.460.9820.540.929
1.280.0771.200.1140.880.4180.790.552(continued)
 Bp-valueDi.p-value
1.060.2130.780.576
Table 2.7 (continued)
Statistic
HS
IHS
BTOP
BBOT
TTOP
TBOT
RTOP
RBOT
DTOP
DBOT
All stocks, 1962 to 19661.29p-value0.072 D0.83p-value0.499 B1.13p-value0.156Di.0.65p-value0.799
1.670.0071.010.2601.130.1530.710.691
1.070.2021.040.2320.840.4800.750.629
0.720.6710.800.5390.840.4750.760.615
0.750.6340.630.8260.580.8940.600.863
1.320.0621.800.0031.400.0401.900.001
1.200.1120.660.7711.120.1630.680.741
1.530.0181.840.0020.830.4921.350.052
2.040.0011.030.2441.090.1830.730.657
1.730.0051.540.0171.160.1350.830.503
All stocks, 1967 to 19711.10p-value0.177 D1.02p-value0.248 B1.08p-value0.190Di.1.36p-value0.049
0.960.3170.800.5510.860.4540.510.956
0.600.8670.530.9430.680.7500.530.942
0.650.7970.850.4640.910.3730.760.616
0.980.2920.970.3031.110.1690.680.751
0.760.6060.770.5900.820.5080.710.699
1.290.0710.710.7000.790.5540.710.701
1.650.0091.420.0350.730.6600.980.290
0.870.4360.970.3000.710.6991.060.210
1.220.1011.060.2140.960.3151.120.163
All stocks, 1972 to 19760.47p-value0.980 D0.80p-value0.539 B0.49p-value0.970Di.0.55p-value0.925
0.750.6200.400.9980.780.5770.560.915
0.870.4410.500.9660.940.3400.510.960
1.560.0151.240.0931.210.1080.950.333
1.210.1061.210.1061.120.1590.810.525
0.750.6270.650.7941.030.2441.110.170
0.870.4411.260.0840.810.5211.150.141
0.940.3410.630.8210.950.3310.620.836
1.640.0090.700.7180.840.4850.670.767
1.200.1131.390.0410.700.7191.310.065
All stocks, 1977 to 19811.16p-value0.138 D1.04p-value0.228 B0.75p-value0.623Di.0.67p-value0.767
0.730.6650.730.6540.840.4760.940.335
0.760.6171.000.2740.880.4260.880.423
1.160.1361.310.0650.650.7990.700.708
0.820.5061.100.1760.670.7540.650.785
1.140.1471.320.0620.760.6020.700.716
1.010.2630.830.4941.510.0201.110.172
0.870.4280.800.5501.410.0371.290.073
0.860.4491.200.1130.860.4501.160.137
1.790.0031.810.0030.990.2800.700.713
All stocks, 1982 to 19861.57p-value0.015 D1.17p-value0.129 B0.81p-value0.533Di.0.51p-value0.961
0.990.2760.680.7411.030.2430.790.567
0.590.8830.440.9910.740.6400.700.717
1.460.0291.300.0700.620.8310.810.532
1.470.0271.530.0180.830.4990.740.643
1.040.2321.210.1061.230.0971.210.107
0.870.4311.080.1900.770.5970.730.657
0.680.7420.930.3560.790.5640.750.623
0.760.6170.840.4780.630.8210.930.352
0.900.3870.880.4210.810.5280.740.642
All stocks, 1987 to 19911.36p-value0.048 D0.52p-value0.953 B1.72p-value0.006Di.1.11p-value0.168
1.530.0191.160.1351.030.2411.290.072
1.050.2191.250.0870.640.8131.070.201
0.670.7560.720.6731.370.0461.060.215
0.750.6271.030.2350.740.6390.670.753
0.860.4560.810.5221.100.1810.930.357
0.600.8620.810.5271.040.2320.890.403
1.090.1850.610.8481.200.1110.740.638
1.200.1111.070.2011.020.2500.840.483
0.670.7640.680.7511.320.0621.170.129(continued)
Table 2.7 (continued)
Statistic
HS
All stocks, 1992 to 19961.50p-value0.022 D0.87p-value0.443 B0.72p-value0.670Di.0.58p-value0.887
IHS
BTOP
BBOT
TTOP
TBOT
RTOP
RBOT
DTOP
DBOT
1.310.0661.050.2180.660.7780.880.422
1.050.2220.600.8580.750.6240.500.966
1.890.0020.890.4041.420.0360.490.971
1.270.0781.110.1741.020.2460.430.993
0.940.3431.030.2420.580.8950.810.528
1.230.0950.900.3900.610.8540.600.858
0.660.7820.650.7870.640.8130.460.984
1.720.0050.990.2831.360.0480.960.314
1.540.0181.120.1650.930.3570.990.282
Table 2.8 Kolmogorov±Smirnov test of the equality of conditional and unconditional one-day return distributions for NASDAQ stocks from 1962 to 1996, in ®veyear subperiods, and in size quintiles. Conditional returns are de®ned as the daily return three days following the conclusion of an occurrence of one of 10 technicalindicators: head-and-shoulders (HS), inverted head-and-shoulders (IHS), broadening top (BTOP), broadening bottom (BBOT), triangle top (TTOP), trianglebottom (TBOT), rectangle top (RTOP), rectangle bottom (RBOT), double top (DTOP), and double bottom (DBOT). All returns have been normalized bysubtraction of their means and division by their standard deviations. p-values are with respect to the asymptotic distribution of the Kolmogorov±Smirnov test statistic.The symbols ` D' and ` B' indicate that the conditional distribution is also conditioned on decreasing and increasing volume trend, respectively
Statistic
HS
IHS
BTOP
BBOT
TTOP
TBOT
RTOP
RBOT
DTOP
DBOT
2.680.0001.530.0192.100.0000.860.450
1.600.0121.350.0521.820.0031.100.175
1.840.0020.990.2811.590.0130.800.542
2.810.0001.970.0011.890.0021.730.005
2.340.0001.950.0011.180.1260.740.637
2.690.0002.160.0001.570.0140.910.379
1.900.0011.730.0051.220.1020.750.621
2.290.0001.380.0452.150.0000.760.619
2.060.0001.940.0011.460.0281.520.020
Smallest quintile, 1962 to 19961.512.16p-value0.0210.000 D1.161.30p-value0.1390.070 B0.851.73p-value0.4620.005Di.1.040.95p-value0.2270.334
1.720.0060.850.4631.610.0120.830.493
1.680.0071.140.1502.000.0011.440.031
1.220.1011.250.0891.340.0551.390.042
1.550.0161.620.0100.790.5530.780.574
2.130.0001.430.0331.580.0140.950.326
1.700.0061.050.2161.520.0190.730.654
1.740.0051.080.1911.470.0260.940.338
1.980.0011.950.0011.200.1151.090.184
All stocks, 1962 to 19962.31p-value0.000 D1.86p-value0.002 B1.59p-value0.013Di.1.08p-value0.195
(continued)
Table 2.8 (continued)
Statistic
HS
IHS
BTOP
BBOT
TTOP
TBOT
RTOP
RBOT
DTOP
DBOT
2nd quintile, 1962 to 19961.55p-value0.016 D1.11p-value0.173 B1.37p-value0.048Di.1.23p-value0.095
1.460.0291.130.1570.870.4390.620.835
0.940.3411.080.1920.730.6650.970.309
1.440.0310.920.3710.970.3090.690.733
1.240.0951.230.0971.380.0441.020.248
1.080.1920.790.5571.290.0731.050.224
1.200.1131.340.0551.120.1621.090.183
1.100.1751.190.1170.910.3810.780.579
1.900.0011.090.1851.120.1650.580.894
1.270.0781.610.0110.940.3430.510.955
3rd quintile, 1962 to 19961.25p-value0.087 D0.93p-value0.348 B0.59p-value0.873Di.0.61p-value0.852
1.720.0051.080.1941.140.1460.890.405
0.820.5100.540.9300.970.3090.580.890
1.710.0061.230.0971.370.0470.460.984
1.410.0381.060.2130.750.6330.610.844
1.520.0201.020.2451.010.2620.890.404
1.250.0890.790.5601.130.1590.520.947
1.840.0021.470.0261.340.0540.380.999
1.860.0021.380.0441.370.0470.600.864
1.820.0030.880.4231.780.0031.090.188
4th quintile, 1962 to 19961.04p-value0.233 D0.81p-value0.528 B0.97p-value0.306Di.1.17p-value0.128
0.820.5100.540.9351.040.2290.890.400
1.200.1110.570.8971.290.0710.980.292
0.980.2981.050.2170.530.9380.970.301
1.300.0670.920.3672.250.0001.860.002
1.250.0871.060.2150.710.6960.620.843
1.880.0021.230.0971.050.2190.930.352
0.790.5530.720.6720.770.5890.730.653
0.940.3411.530.0191.200.1141.310.065
0.660.7790.870.4310.970.3090.920.371
Largest quintile, 1962 to 19961.081.01p-value0.1900.255 D1.030.54p-value0.2370.931 B1.181.39p-value0.1230.041Di.0.941.25p-value0.3420.090All stocks, 1962 to 19661.010.84p-value0.2610.481 D0.950.65p-value0.3220.798 B0.770.96p-value0.5860.314Di.1.100.67p-value0.1740.761All stocks, 1967 to 19710.751.10p-value0.6360.175 D1.030.52p-value0.2410.947 B1.051.08p-value0.2170.192Di.1.240.89p-value0.0930.413All Stocks, 1972 to 19760.821.28p-value0.5090.077 D0.590.73p-value0.8750.669 B0.650.73p-value0.8000.653Di.0.480.57p-value0.9740.902
1.030.2420.930.3560.500.9670.730.668
0.660.7780.470.9810.930.3580.840.476
0.920.3600.770.5870.880.4150.760.617
0.680.7420.760.6121.250.0891.110.169
0.850.4620.850.4680.770.5970.730.662
1.160.1370.620.8401.130.1560.860.457
1.140.1500.850.4650.980.2920.860.454
0.670.7561.140.1491.120.1600.770.598
1.080.1930.410.9970.830.4890.321.000
0.820.5081.050.2240.730.6630.690.735
0.710.6970.510.9561.350.0521.290.071
0.700.7181.130.1550.490.9720.580.892
1.590.0130.790.5561.170.1300.800.551
0.890.4110.930.3500.620.8430.750.620
1.120.1660.930.3501.180.1210.980.298
1.100.1751.210.1081.150.1401.060.208
1.000.2730.700.7141.120.1650.660.770
0.740.6370.870.4380.640.8100.780.585
1.270.0791.240.0920.790.5661.070.203
1.350.0521.330.0580.650.7970.880.418
1.160.1361.290.0720.550.9230.880.423
0.740.6420.830.4900.530.9410.400.997
0.740.6380.720.6840.750.6310.910.385
1.210.1071.450.0310.690.7230.760.602
1.840.00299.000.00099.000.00099.000.000
1.130.1560.910.37699.000.00099.000.000
1.450.0291.390.04299.000.00099.000.000
1.530.0190.730.65499.000.00099.000.000
1.310.0641.370.0460.590.8780.630.828
0.960.3140.980.2920.760.6110.550.925
0.850.4641.220.1000.780.5730.920.362
1.760.0040.940.3440.650.7980.370.999(continued)
Table 2.8 (continued)
Statistic
HS
IHS
BTOP
BBOT
TTOP
TBOT
RTOP
RBOT
DTOP
DBOT
All stocks, 1977 to 19811.35p-value0.053 D1.19p-value0.117 B0.69p-value0.728Di.0.73p-value0.665
1.400.0391.470.0270.940.3410.900.395
1.030.23699.000.0000.800.54299.000.000
1.020.24999.000.00099.000.00099.000.000
1.550.0160.960.3171.460.0280.351.000
2.070.0000.980.29099.000.00099.000.000
0.740.6360.860.4530.560.9180.440.991
0.620.8420.790.5540.820.5140.370.999
0.920.3690.810.5221.060.2070.800.541
1.280.0770.680.7480.940.3360.530.944
All stocks, 1982 to 19861.66p-value0.008 D1.65p-value0.009 B1.13p-value0.153Di.0.67p-value0.755
1.590.0131.100.1761.310.0650.390.998
1.170.1290.460.9840.860.4450.510.957
0.730.6540.740.6410.420.9950.420.994
1.460.0280.950.3301.170.1290.850.462
1.690.0061.470.0271.040.2310.430.993
1.040.2320.830.5030.970.3020.410.996
1.240.0931.180.1211.130.1550.670.766
2.440.00