{"id":47362,"date":"2021-08-11T05:29:08","date_gmt":"2021-08-11T09:29:08","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/technical-indicators-point-to-growth-stocks-beating-value\/"},"modified":"2024-04-24T15:04:57","modified_gmt":"2024-04-24T19:04:57","slug":"technical-indicators-point-to-growth-stocks-beating-value","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/technical-indicators-point-to-growth-stocks-beating-value\/","title":{"rendered":"Technical indicators point to growth stocks beating value"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe27c0df369]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0df369'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Technical indicators point to growth stocks beating value<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0e53d4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">August 11, 2021<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0e705c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>Bloomberg Market Specialists Lo\u00efc Frappier and Philipp Zacharias-Langhans contributed to this article. The original version appeared first on the Bloomberg Terminal.<\/i><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Background<\/h2>\n<p><a href=\"https:\/\/www.bloombergquint.com\/bqlearning\/bqlearning-how-technical-analysis-tools-can-be-used-to-make-trading-decisions\">Technical indicators<\/a> for buying growth or value stocks signal a comeback for companies pricing in faster long-term earnings expansion.<\/p>\n<p>Anticipation of economic recovery from the pandemic drove <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-13\/value-stocks-fate-may-hinge-on-pinpointing-bull-market-s-age\">a rotation into stocks with cheaper valuations and weaker growth prospects<\/a> since August 2020. The brakes were slammed on that reflation trade after the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-22\/fed-pivot-seen-as-more-detour-than-deadend-for-reflation-trades\">Federal Reserve signaled it would dial back stimulus<\/a> in June.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Charts of the Week - Short, snackable webinars on market trends and asset classes.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Watch now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3237723405692945083\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/webinars\/charts-of-the-week\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>The issue<\/h2>\n<p>Many market participants have turned to technical indicators to determine how to allocate between growth and value stocks. Bloomberg\u2019s Automated Technical Pattern (ATPR) function can identify major chart patterns between value and growth stocks. The ATPR library is updated once a day by 5:30 p.m. in New York. It includes technical patterns spotted in charts of single equities, exchange-traded funds, benchmark equity indexes, sovereign bonds, currencies, commodities and key ratios.<\/p>\n<p>On June 18, a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2013-10-22\/copper-pennant-breakout-may-signal-a-rally-technical-analysis\">pennant breakout pattern<\/a> was formed on the ratio between the Russell 1000 Growth Index and the Russell 1000 Value Index. Pennants are continuation patterns where a period of consolidation is followed by a breakout that confirms a bullish trend known as the flagpole. Most traders use pennants in conjunction with other forms of technical analysis that act as confirmation.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"479\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/pennant.gif\" class=\"bbg-single-image__image attachment-large\" alt=\"Run BI ATPR to Find Patterns Such as the Pennant Breakout in the Growth-Value Ratio.\" title=\"pennant\" srcset=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/pennant.gif 800w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/pennant.gif 552w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/pennant.gif 100w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/pennant.gif 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Type \u201cbi global equity\u201d in the command line and select BI ATPR - Bloomberg Intelligence: Equity (Global): Data Library: ATPR. The shortcut is BI ATPR. \n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>So what other technical indicators are worth looking at for this ratio?<\/p>\n<p>Over the last 20 years, the Basic Backtesting function indicates that a strategy using <a href=\"https:\/\/www.bloombergquint.com\/bqlearning\/bq-learning-what-are-moving-averages-and-how-to-analyse-them\">exponential moving average<\/a> would have been the best way to identify reversals in the growth\/value ratio, while <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2010-10-21\/macd-signals-s-p-500-entering-much-needed-pause-technical-analysis\">moving average convergence divergence (MACD)<\/a> ranked fourth.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"479\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/last-20.gif\" class=\"bbg-single-image__image attachment-large\" alt=\"Run .RUS1GRVL G Index BTST to Check for Profitable Technical Strategies.\" title=\"last-20\" srcset=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/last-20.gif 800w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/last-20.gif 552w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/last-20.gif 100w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/last-20.gif 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Run .RUS1GRVL G Index BTST to Check for Profitable Technical Strategies.\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>In the eight weeks following a MACD buy signal, the ratio rose 23 times out of 31 historical occurrences. The mean return was 1.2%. The 32nd buy signal on June 18 has yet to have enough time to be counted as a gain or loss.<\/p>\n<p>Bloomberg functionality can help you find the best performing technicals historically.<\/p>\n<h2>Tracking<\/h2>\n<p>Examine the impact of MACD buy signals using the Trading Signals tool.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"479\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/note-latest.gif\" class=\"bbg-single-image__image attachment-large\" alt=\"Run TSIG to See Reactions to the Value\/Growth Ratio MACD Buy Signal.\" title=\"note-latest\" srcset=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/note-latest.gif 800w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/note-latest.gif 552w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/note-latest.gif 100w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/note-latest.gif 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Type \u201ctrading signals\u201d and select TSIG. Click the Sample Signals subtab, then scroll down to select MACD.\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>For more information on this or other functionality on Bloomberg Professional Services,\u00a0<a href=\"https:\/\/www.bloomberg.com\/professional\/contact-menu\/?bbgsum-page=DG-WS-PROF-HOME&amp;tactic-page=471759\">click here<\/a>\u00a0to request a demo with a Bloomberg sales representative. Existing clients can press &lt;HELP HELP&gt; on their Bloomberg keyboard.<\/em><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe27c102f0d]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe27c102f0d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['69fe27c105f98'] = 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