Efficiency Differences Between the S&P 500 and the Tel-Aviv 25 Indices: A Moving Average Comparison This paper compares the Tel-Aviv Stock Exchange (TASE) 25 Index (TA25) to the S&P 500 Index with respect to the extent that the Technical Analysis method of moving average can beat the buy-and-hold policy. Previous research on the S&P 500 Index is inconclusive, while TA25 has never been tested in this respect. For 1,500 daily observations, our …showed first 75 words of 532 total…

…showed last 75 words of 532 total…technical analysis. For example, Isakov and Hollistein (1998) report that transaction costs eliminate technical trading profits in the Swiss Stock Market. However, they suggested conditions where large investors may profit from moving average trading rules. Some studies have found qualified support for technical analysis. For example, Isakov and Hollistein (1998) report that transaction costs eliminate technical trading profits in the Swiss Stock Market. However, they suggested conditions where large investors may profit from moving average trading rules.