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

Alan J. Zakon and James C. Pennypacker

Journal of Financial and Quantitative Analysis, 1968, vol. 3, issue 3, 299-314

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.

Date: 1968
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