Our study investigates structural changes in the market P/E ratio and shows how structural changes affect long-term stock market returns. Using the cumulative sum control chart and the Bai-Perron algorithm, we identify multiple structural breakpoints in the market P/E ratio and find that those...

Technical theory -- The technical approach to trading and investing -- Charts -- The dow theory -- The dow theory's defects -- Replacing dow theory with john magee's basing points procedure -- Important reversal patterns -- Advantages -- Important reversal patterns: the triangles -- Important...