Technically Speaking, February 2025

Over 110 CMT candidates, members, partners, and sponsors from around the US, Europe, and Australia gathered at The Tampa Club in Tampa, Florida in January for 2 days of presentations, a fireside chat, the 2024 Charles H. Dow Award, and lots of networking at the 2025 CMT Association Midwinter Retreat. It was a collegial gathering of old and new friends across industries, providing an opportunity to learn about the current state of technical analysis and the important work being done to advance the association.  

The 11 presentations were well received and relevant across a range of disciplines. Tim Hayes kicked off with a view on the global investing landscape for 2025 and the unique tools NDR has developed over multiple market cycles to determine corrections within secular uptrends versus more dramatic trend reversal. An inside look at institutional technical research and its utility for fundamentally minded portfolio managers was a highlight of the conference. John and Jack Kosar led the attendees through their investment strategy development process and the funds offered for tactical asset allocation. Mathew Verdouw extended the idea with a session on how to test ideas quantitatively brought evergreen educational value to attendees. Andreas Clenow brought that theme through our second day with ideas around momentum overlays for global asset allocation models Dr. Kelly Corbiere delivered new research on the inefficiency of markets, particularly in emerging and frontier economies which debunks the EMH.  

The diversity of attendees was matched by the breadth of coverage from our presenters. Paul Ciana discussed increased volatility in the currency markets and what trends are being shaped by yields. Cynthia Kase and Dean Rogers provided a deep dive into their process for short-term commodities trading desks and commercial hedgers. With many independent RIAs in attendance, the sessions delivered practical tools for money managers and a session from Adam Koos on the mindset, process and structure for running investment advisory practice.  

Anecdotally and through a post-event survey, many attendees reported that they made valuable connections at the retreat. Survey respondents provided strong net promoter scores as follows: likelihood to recommend future CMT Association events (79%), CMT Membership (88%), and becoming a CMT Charterholder (83%)

In recognition for their 40 years of groundbreaking research, the 2024 Charles H. Dow Award was presented to Ralph Vince and Larry Williams, who regaled the room with wide-ranging stories from their long collaboration and friendship. Larry Williams, who has received awards from scores of financial institutions worldwide said that the 2025 Charles H. Dow award was his most prestigious accolade of all. Being recognized for original research in the field by a group of sophisticated practitioners such as CMT Associaiton’s Dow Award committee was the highest honor of his career. 

Tyler Wood, CMT Association CEO, provided an update on the New All Digital Curriculum available to candidates who register for the June 2025 exam. Curious to learn more? You can take a test drive! At the retreat, the staff and members of the Curriculum & Testing Committee met in-person to plan the next wave of innovation for the CMT Program.  

Didn’t make it to Tampa? You can read more about the speakers in the event agenda and watch videos of their presentations in the CMT Association video archives.  

A note to the post-event survey respondents: Thank you for all of the helpful feedback and suggestions on how to make future events even more valuable! 

We are happy to invite you to CMT Association’s West Coast Regional Summit scheduled for April 4th-6th in the iconic city of San Francisco, CA.

As an investment professional, you navigate volatile markets, shifting client or company expectations, and an increasingly complex regulatory landscape. How can you stay ahead while delivering the performance and clarity your clients demand?

Join us April 4-6 in San Francisco for the CMT Association West Coast Regional Summit, where top investment professionals will share actionable strategies to:

• Enhance Portfolio Resilience – Apply technical analysis to improve risk management and asset allocation.
• Navigate Uncertain Markets – Gain insights into trend analysis, market breadth, and behavioral finance.
• Differentiate Your Practice – Learn how systematic approaches can sharpen your investment decisions and client communication.

This event is designed for money managers, strategists and institutional traders seeking an edge—whether you’re integrating technical analysis for the first time or refining an existing approach.

This summit will offer exclusive presentations, expert panels, and invaluable networking opportunities, all within a city renowned for its vibrant culture, stunning landscapes, and entrepreneurial spirit. But, what makes CMT conferences and events so unique is what I learn from conversations with fellow attendees. That’s why I hope you can make it!

You can see our expert speakers and register for the conference by clicking here.

Adding a special local touch, this year’s event will feature an exclusive wine-tasting tour through California’s renowned vineyards of the Sonoma Valley. We’ll continue to debate, discover, and connect all day Sunday on a scenic journey through the picturesque Sonoma Valley wine country, tasting world-class wines and relaxing in a beautiful setting. 

There is a kickoff event on Friday afternoon, and Saturday’s sessions will be presented at Golden Gate University in downtown SF. There is a conference hotel room block for a rate of $289/night at the historic Palace Hotel. I recommend you reserve your room ASAP by clicking here.

Check out the hotel’s virtual tour. It’s only one block away from Golden Gate University.

The conference committee is taking care of every last detail to create an exceptional experience for all attendees. Holler with any questions, but I hope to see you at the conference.

Click HERE to Register Now!

We hope you have many!  And answers, too!  Specifically, we hope you have multiple-choice questions for the CMT Levels I and II exams.

We are looking for CMT charterholders to write multiple-choice questions for the Level I and II exams.  This project, which will be ongoing, follows on the heels of the Jobs Analysis project and the release of the new CMT curriculum.  This next step is to refresh and expand our existing banks of questions for these exams.

If you are an experienced question writer, your expertise is in demand.  If you are new to this challenge, you will find it rewarding to see the CMT Program content anew and through the eyes of our candidates.

You should know that the staff of the CMT Program will support you throughout the process.

• Training in best practices for writing multiple-choice questions with a brief video and notes to review at your convenience.
• Guidelines specific to our CMT Program standards.
• Assignment of specific topic areas for your questions based on your interests and the Program’s needs.
• Directions to (and copies of) the learning objectives and sections of the new curriculum that relate to your assignment.
• CMT Program staff availability throughout your work to offer advice and guidance.

This is a great way to familiarize yourself with the new curriculum, refresh your knowledge of various topics, or delve into an area new to you.  Most importantly, this is a great service to CMT Association, the CMT Program, and candidates making their way towards our charter.  CMT Association works best when our members show their passion, and we hope you will show it with this important work.

If you would like to participate or if you have any questions, please complete the form below:

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Tyler Wood, CMT and I had the exciting opportunity last week to journey through Dubai, and connect with some of the most influential minds in the financial services industry. While the days were packed with meetings, we often felt that time was too short—each conversation opened up new avenues of thought. We could have spent much more time gaining deeper insights, yet it would still seem short. Engaging with DIFC Academy, hosting knowledge-sharing sessions, and brainstorming with key volunteers reinforced the importance of financial education and the role of CMT Association, Inc. in shaping the future of investment expertise in the GCC region. 

Dubai continues to strengthen its position as a global financial hub, attracting institutional investors, hedge funds, and financial professionals from around the world. 

Financial Markets in the Middle East: A Rapidly Expanding Landscape 

Dubai’s DIFC (Dubai International Financial Centre) has emerged as the Middle East’s premier financial hub, playing a pivotal role in the growth of financial markets. The region has witnessed significant expansion, particularly in hedge funds, asset management, and wealth advisory services. According to recent reports, DIFC recorded a 23% growth in the number of active registered firms in 2023, with a substantial increase in financial institutions establishing a presence in the region. 

Several global hedge funds and investment firms, including Millennium, ExodusPoint, and BlueCrest, have expanded their operations in Dubai, attracted by its business-friendly environment, tax incentives, and strategic location connecting global markets. As of 2024, DIFC is home to over 5,500 firms, with total assets under management surpassing $500 billion, a testament to the region’s growing financial clout. 

Engaging with DIFC Academy: Advancing Investment Education 

During our sessions with DIFC Academy, we had the opportunity to discuss the evolving role of Technical Analysis in modern investment strategies. A big thank you to Mathew Verdouw, CMT, Tom Robson, CAIA, CMT, FRM, Sunil Garg, CMT for taking the time to travel and share their expertise with our audience at DIFC Academy. As financial markets become more complex, professionals are increasingly integrating Systematic Trading, Cross-Asset Analysis, and Technical-Fundamental Convergence into their decision-making frameworks. Your insightful sessions covering these topics provided attendees with a comprehensive understanding of market dynamics. The sessions reinforced the critical role of data-driven decision-making in today’s financial landscape. 

We explored ways to enhance investment education by equipping finance professionals with cutting-edge analytical tools, helping them navigate the fast-changing market landscape. The enthusiasm and engagement of the attendees reinforced the importance of structured learning programs in market analysis, risk management, and portfolio optimization. 

And none of this would have been possible without the expert leadership and organization by DIFC Academy. Thank you Alya Al Zarouni Sharlene Rubillos and Rhoda Martinez-Re for organizing such an insightful event, and for your commitment to bringing professional Technical Analysis to the financial community in DIFC. Your dedication to fostering financial education is instrumental in shaping the next generation of investment professionals in the region. 

The Role of CMT Association in the GCC 

A key highlight of our visit was an engaging meeting with CMT Association’s dedicated volunteers in the GCC. The discussion focused on strategies to expand our footprint in the region by: 

• Increasing awareness of the CMT Program among finance professionals and university students. 

• Building stronger partnerships with financial institutions and regulators to promote the adoption of Technical Analysis. 

• Hosting more in-person networking events, workshops, and mentorship programs to support the growing community of market practitioners in the Middle East. 

• After a super successful 2024 CMT Dubai Summit, strategizing to bring and grow the scale of the 2025 CMT Dubai Summit. 

The Middle East presents immense opportunities for finance professionals seeking to deepen their market expertise. With Dubai becoming a magnet for global investment firms, there is a growing need for skilled professionals who can leverage data-driven strategies to generate alpha and manage risk effectively. 

Thank you Sunil Garg, CMT Tom Robson, CAIA, CMT, FRM Mathew Verdouw, CMT Arun Leslie Yara Fanek, CFA, CMT Razan Hilal, CMT Nicholas K.S. Roper (CMT and to many to count) Freedom and Dignity for All Ramy Rashad, CMT Maged Darwish, CMT for joining us. Your commitment to advancing professional Technical Analysis in the GCC is instrumental in fostering a thriving community of skilled market analysts, traders, and investment professionals. Together, we are building a strong foundation for the future of finance in the Middle East. 

Looking Ahead: The Future of Finance in the Middle East 

DIFC’s continued investment in financial infrastructure, coupled with the UAE’s commitment to diversifying its economy beyond oil, is expected to attract even more global capital. The recent introduction of more flexible regulatory frameworks for hedge funds and investment firms is making Dubai an even more attractive destination for financial innovation. 

At CMT Association, we are excited to be part of this transformation. Our mission is to equip finance professionals with the technical skills needed to thrive in the evolving landscape of quantitative finance, portfolio management, and investment research. We look forward to strengthening our collaboration with DIFC Academy and other regional partners to foster a dynamic, knowledge-driven investment ecosystem. 

The future of finance in the Middle East is bright, and we are thrilled to play a role in shaping it! 

To learn more, reach out to Kaizad Marolia
Address: 264-265 Dr. Annie Besant Road, Worli, Mumbai 400025
Contact: +91-9819082073 | +1-646-6953007
Email: Kaizad@cmtassociation.org
Website: https://cmtassociation.org/
LinkedIn: https://www.linkedin.com/in/kaizadmarolia/
Discord: https://cmta.fyi/discord        

I am proud to congratulate and encourage the CMT Program candidates who are dedicating themselves to mastering the cutting-edge principles and analytical techniques used by leaders in our field. As the candidates progress through the exams for Levels I, II, and III, they get closer to earning the most respected designation in technical analysis and investment management. The CMT Charter is more than a credential; it is a mark of excellence, signaling a commitment to professional integrity, a disciplined investment process, and continuous learning. 

To pass the exams takes deliberate study and sometimes perseverance through multiple attempts. I encourage the CMT candidates to stay the course and complete their journey toward becoming a CMT Charterholder and a Professional Member of CMT Association. Unlike other certificates that can be purchased online without rigorous examination, ethical standards, or a professional code of conduct, the CMT designation stands alone in its credibility and recognition across the finance industry. 

To make all this effort worthwhile, you must obtain Professional Membership in order to become a CMT Charterholder… below is an overview of the process and the mutual commitment between CMT Association and all Professional Members. 

In addition to the prestige of affiliation with the preeminent credentialing organization for our industry, CMT Charterholders gain ongoing access to the full body of knowledge each year through a digital reference library, ensuring you stay at the forefront of market developments. This commitment to lifelong learning and the highest ethical standards is what distinguishes CMT Charterholders in the industry. Anything less detracts from that high standard. 

For those considering the CMT Program, I invite you to start your journey. For those already on the way, I encourage you to complete your studies and cement your expertise in technical analysis with the CMT designation. Your career, your clients, and your professional reputation will be stronger for it. 

See you at the finish line. 

Best regards,

Rob Palladino, CMT
President, Board of Directors
CMT Association 

The CMT Association is proud to announce the launch of the Reference Library, an exclusive benefit now available to all active members. This achievement represents a significant milestone in our ongoing commitment to providing best-in-class resources that empower market professionals with the knowledge and tools they need to excel. 

History 

Since its conception in the early 1970s by Ralph Acampora, John Brooks, and John Greenly, the CMT Association has remained dedicated to its original mission of educating people about the value and universality of technical analysis while upholding the highest standards of professional competence and ethics.   

The Association began developing a Body of Knowledge and exams in 1985 after a jobs analysis survey identified the tasks and knowledge required for professional technical analysts. This Body of Knowledge was used to design questions for the CMT exams, which were first administered in 1988 and had two levels. The first CMT designations were granted to 19 members in late 1989. In 1992, the level III exam was introduced, requiring candidates to author a paper; however, in 2000, it evolved into a more traditional exam format. 

Until 2015, the “stack of books” approach was used to prepare for the exams, requiring candidates to read a large number of books. In 2015, Gordon Scott became the Association’s first Curriculum Director and created a consolidated curriculum to replace the “stack of books” approach. This consolidated curriculum included numerous excerpts from texts and was published in three large volumes, one for each exam level.  

Present 

The Association has continued to evolve to stay current. Stanley Dash took over for Gordon as the Program Director in late 2017, and by 2019, he began replacing material in the consolidated curriculum with content commissioned and owned by the Association. Stanley’s dynamic vision, foresight, and dedication have been pivotal in steering the Association toward today’s monumental announcement.  

At the end of 2023, Stan recruited Louis Spector to help the Association transform the printed consolidated curriculum into a completely digital experience. Based on the latest jobs survey of members, CMT charter holders largely rewrote the curriculum throughout 2024. With great excitement, we now officially announce the launch of the first iteration of our digital Body of Knowledge, known as the Reference Library.  

One of the great benefits to our members is that the Reference Library can be accessed anywhere in the world at any time through our website. As members, you have exclusive access to use the Reference Library to stay current in the latest technical analysis practices. The Reference Library will be updated to reflect the latest advancements in technical analysis.  

Access 

Once logged in to the CMT Association’s website, www.cmtassociation.org, the Reference Library can be accessed from your “MyCMT” profile by clicking on “Reference Library” in the left column.  

This innovative system offers many features, including a full search function, a highlighter, and a bookmarking tool. For any questions or assistance, please contact membership@cmtassociation.org. 

The CMT Program is open to all Candidates around the world. To begin your journey through the program, the first step is to register and pay for the exam, which gives you immediate access to the all-new, all-digital curriculum through your MyCMT profile on the CMTAssociation.org website. Registration is successive: once you pass Level I, you can register for Level II. Once you pass Level II, you can register for Level III. Candidates are able to refer to their status as candidates for the level exam they’re registered for or as someone who has passed a certain level exam.  

The process of becoming a member of CMT Association starts with applying to become an Affiliate Member and paying your annual dues. Anyone can apply for Affiliate Membership; you do not need to be a Candidate and there are no minimum criteria. Affiliate Members are able to refer to themselves as CMT Affiliate Members. Affiliate Membership provides extensive benefits detailed below, not the least of which is access to the Reference Library – the complete Body of Knowledge from the CMT Program. 

Once you are an Affiliate Member, you can begin the process of becoming a Professional Member. There are 2 different tracks you can take.  

1. You can sit for and pass all 3 exam levels of the CMT Program. If you do so, then you will only need to provide evidence of 3 years of approved work experience and 3 acceptable referrals.  
2. You can choose not to sit the CMT Program exams, in which case you will need to provide 5 years of approved work experience and 3 acceptable referrals.  

Professional Members are able to refer to themselves as CMT Professional Members. There are meaningful additional benefits provided to Professional Members. 

Individuals who a) have passed all 3 exam levels of the CMT Program, b) been approved for Professional Membership, and c) are in good standing are designated by the Board of Directors as CMT Charterholders. They are the only people able to use the CMT designation and refer to themselves as CMT Charterholders.  

In this episode of Fill the Gap: The Official Podcast of the CMT Association, we welcome Jay Woods, CMT, the Chief Global Strategist for Freedom Capital Markets.

Prior to joining Freedom, he was the Chief Market Strategist at DriveWealth Institutional. He also served as an Executive Floor Governor at the NYSE, the highest elected position at the Exchange held by only six NYSE members.

Jay spent over 25 years as a Designated Market Maker on the NYSE floor. He started with Spear, Leeds, and Kellogg, then joined Goldman Sachs for 14 years and moved on to IMC after Goldman divested their floor operation. As a DMM, he was responsible for several high-profile IPOs and led trading in some of the most active issues at the NYSE.

Jay gives us insights from his significant experience as a trader on the NYSE floor and as a Designated Market Maker. Our conversation centered heavily on technical analysis being the roadmap to finding and telling the story of a stock. He emphasizes the importance of keeping it simple and not overcomplicating your analysis. Think of the scenarios, where the risk/reward is set up, and keep your analysis as simple as possible. You can use other indicators to justify your story, but don’t think there’s one that’s the holy grail. Be flexible, be nimble, always be ready to change your thesis.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

The CMT Global Black Caucus is off to a strong start. In October 2024, we hosted our inaugural webinar, bringing together approximately 40 participants from around the world. This diverse group of students and professionals shared insights into the CMT curriculum, membership process, and career opportunities. Many attendees were inspired to establish local Black Caucus networks across the U.S., Europe, the Caribbean, and South Africa. The discussion, led by Cedric Thompson, CMT, CFA, and Damanick Dantes, CMT, reinforced a commitment to supporting regional engagement. 

Our journey continues March 17, 2025, at Morehouse College in Atlanta, GA. Ralph Acampora, CMT—a pioneering figure in technical analysis and a key contributor to the Chartered Market Technician designation—will join Cedric and Damanick for a full morning of activities. The event will introduce students and faculty to the practical applications of technical analysis, including portfolio construction, trading systems, and market cycles. Attendees will gain insights into the CMT curriculum, participate in a fireside chat with Ralph, and engage in networking opportunities. 

Stay tuned for a recap of the Morehouse event and details on our follow-up webinar. We are actively connecting new exam registrants with current CMT members within the caucus, fostering mentorships, and strengthening regional ties. 

Submissions for the 2026 Dow Award are opening Wednesday, February 26. If you don’t have your submission ready, no need to panic. Submissions are open until December 1st! Take time now to review the guidelines by clicking HERE! 

Please note that if your submission makes use of market data you are required to include data accurate up to November 1st 2024 or later. Studies of historic data may not need to make this requirement. Such exceptions will be reviewed on a case by case basis. 

The 2025 Dow Award submissions are currently under review. We are so excited to share the newest winner with you! While you wait for the news, here are a few of our brilliant past winners and their works.  

2020 – Chris Cain & Laurence Connors, Quantamentals
Fundamental and Technical analysis are often thought of as separate, competing ideologies. We regard this world view as short-sighted. Our research shows that combining fundamental and technical analysis in a quantitative, rules-based framework leads to greatly improved performance. Furthermore, combining known factors whether of the fundamental or technical variety offers significant benefits and leads to market-beating performance over the last 16+ years. 

Click here to keep reading! 

2021 – Makenna Barbara, The Efficacy Of Modified Momentum Based Technical Indicators On U.S. Equities: A Study Of Parabolic SAR
This paper will investigate the returns of PSAR and modified PSAR strategies compared to returns of the passive Buy and Hold strategy over several different time periods. Both in-sample and out of-sample tests are utilized in this process as well as often overlooked market frictions such as transaction costs. Both the active and passive strategies are tested on two different market indexes: S&P 500 and NASDAQ. Results suggest that the passive Buy and Hold strategy outperforms all of the active market timing strategies tested, but also experiences more volatility. Perhaps more interestingly, the newly modified Decelerated PSAR seems to produce higher returns on average than that of its original predecessor, PSAR. 

Click here to keep reading! 

2022 – Alex Spiroglou, MACD-V: Volatility Normalised Momentum
This paper will focuses on the study of momentum using a very popular technical analysis indicator, the Moving Average Convergence Divergence (MACD), created by one of the most respected analysts of our time – Gerald Appel. We are big believers in creating new techniques rather than new tools, thus we will use the improved MACD to define a general Momentum Lifecycle RoadMap (framework), new entry & exit techniques, and versatile cross asset (intermarket) strategies, among other uses, that would not be achievable via the venerable MACD. 

Click here to keep reading! 

2023 – Andrew Thrasher, The 5% Canary
This paper will show that the amount of time taken for the S&P 500 or Dow Jones Industrial Average to decline by 5% from a 52-week high illustrates significant insight to the subsequent trend in price. A study on price history for two major equity indices is conducted to show a relationship between duration of an initial decline and the potential for further material weakness or the opportunity for the index to reverse and move higher. With the examination of an 18th century mathematical challenge, a simple lens into the market is shown and evaluated, resulting in a tool that retail and professional investors may apply to markets in the pursuit of capital preservation and appreciation. 

Click here to keep reading!

2024 – Ralph Vince and Larry Williams,The Ripple Effect of Daily New Lows
Breadth data is ubiquitous in the study of the stock market. Daily New Lows have a predictive reliability as robust as any breadth data element, yet remain the most overlooked of all daily breadth metrics, relegated to being the “wallflower” of daily breadth data. Typically, market analysts heavily examine absolute and relative advances/declines and various derivative indicators like the advance-decline line and McClellan Oscillator when assessing daily breadth. Analysts also scrutinize volume on advancing / declining stocks, often combined with advance / decline data in indicators like TRIN. Herein, we examine the seemingly overlooked predictive reliability of daily New Lows for signaling both the onset and progression of bear markets, the final capitulation phases of declines, and shorter-term interim tops. 

Click here to keep reading! 

We are thrilled to announce the achievement of 3 individuals who have recently earned their Chartered Market Technician (CMT) designation. This prestigious accomplishment signifies a remarkable dedication to the field of technical analysis and investment strategy.

The Chartered Market Technician (CMT) designation is a globally recognized certification awarded by the CMT Association. It reflects a deep understanding of market dynamics, proficiency in technical analysis, and a commitment to upholding the highest standards of professional conduct.

These newly certified individuals have demonstrated their expertise in interpreting market trends, identifying patterns, and making informed investment decisions based on rigorous analysis. Their attainment of the CMT designation underscores their commitment to excellence and distinguishes them as leaders in the financial industry.

In an ever-evolving market landscape, the expertise provided by Chartered Market Technicians is invaluable. Their proficiency in analyzing market data and identifying emerging trends equips them to navigate complex financial markets with confidence and precision.

We extend our heartfelt congratulations to these 3 individuals on their remarkable achievement. Their dedication, perseverance, and expertise serve as a testament to the significance of the Chartered Market Technician (CMT) designation in today’s financial world.

Please join us in celebrating their success and wishing them continued excellence in their careers as Chartered Market Technicians.

• Branden DuCharme
• Tiong “Jerome” Jin-Rong
• John-David Seelig