摘要：This research aims to analyse effectivity of technical analysis moving average compare to buy and hold strategy on index LQ-45 (as emerging market) and S&P500 (as developed market). Using descriptive approach, this research analysed by metastock program with moving average exponential crossovers method. This research data samples use LQ45 and S&P500 from year 2001-2011. The findings of this research indicate that technical analysis more effective when economic situation on crisis (bearish). Whereas buy and hold strategy more effective on good economic condition (bullish). The results consistent for LQ-45 and S&P500.
关键词：Technical analysis; moving average; efficient market hypothesis; buy and hold strategy; LQ-45; S&P500
