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9/9/13 MTA - Market Technicians Association

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CMT Level 1 Sample Quiz Questions (Set 2)

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Which of the following describes an equally weighted average?

a. An investor invests the same dollar amount in each security

b. Is adjusted by a divisor

c. Considers the market capitalization of each security in the average

d. Is the way the Dow Jones Industrial Average is calculated

Answer: a. An investor invests the same dollar amount in each security

Reference: Dahlquist, Julie R., and Charles D. Kirkpatrick. Technical Analysis: The Complete Resource for Financial Market Technicians.

Chapter 5.

A REASONABLE price objective once a stock has completed a head and shoulders pattern is

a. 100% of the previous trend

b. Derived using the Fibonacci Ratio

c. Equivalent to the distance between the head and neckline

d. Depends on the action of the accompanying volume

Answer: c. Equivalent to the distance between the head and neckline

Reference: Edwards, Robert D. and Magee, John. Technical Analysis of Stock Trends, 9th Edition.Chapter 6.

A continuation pattern is

a. A pause in the prevailing trend

b. Usually a sideways price action

c. Usually a near term or intermediate term patternd. All of the above
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Answer c. All of the above


Chapter 15

A symmetrical triangle is

a. Also called a coil

b. Usually a continuation pattern

c. A temporary pause in the existing trend

d. All of the above

Answer d. All of the above


Chapter 15

The apex of a triangular pattern is

a. The point where two lines meet

b. A point that helps to time and measure the potency of the pattern

c. An important support or resistance level after the breakout occurs

d. All of the above



Chapter 15

Volume should diminish during the price swings within a triangular pattern

a. True

b. Falsec. Sometimes

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d. Only on the downside swings

Answer a. True


Chapter 15

The breakout from a triangle formation

a. Should take place with a sharp increase in volume

b. Should take place between two-thirds to three-fourths of the way through the pattern

c. Is a price level that immediately becomes support/resistance

d. All of the above

Answer: d. All of the above


Chapter 15

The descending triangle is just a mirror image of the ascending triangle and is generally considered a ______ pattern

a. Bullish

b. Bearish

c. Continuation

d. b and c

Answer d. b and c


Chapter 15

All of the following are true of flag and pennant patterns EXCEPT

a. They are short term patterns completed in one to two weeks

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b. They are preceded by sharp and nearly straight line moves

c. They are characterized by a decrease of volume during the formation of the pattern

d. They are reversal patterns

Answer d. They are reversal patterns


Chapter 5

The measuring technique for MOST continuation patterns implies that a price objective from the breakout point is equal to the ____ of

the pattern at its broadest point

a. Width

b. Height

c. None of the above

d. 100% of prior trend

Answer b. Height

Reference: Pring, Martin J. Technical Analysis Explained. Chapter 5

The reversal pattern that can also appear as a continuation pattern is

a. Saucer

b. Head and shoulders

c. Spike

d. Double top

Answer b. Head and shoulders

Reference: Edwards, Robert D. and Magee, John. Technical Analysis of Stock Trends, 9th Edition. Chapter 6

Stock traders rely heavily on

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a. 4 and 92 day moving averages

b. 50 and 200 day moving averages

c. 30 and 40 week moving averages

d. b and c

Answer d. b and c

Reference: Pring, Martin J. Technical Analysis Explained. Chapter 9. Dahlquist, Julie R., and Charles D. Kirkpatrick. Technical Analysis: TheComplete Resource for Financial Market Technicians. Chapter 14

The simple moving ave rage

a. Gives equal weight to each periods price

b. Gives greater weight to the more recent price

c. Assigns greater weight to more recent data and includes all of the data in the life of the instrument

d. None of the above

Answer a. Gives equal weight to each periods price


Chapter 14

A Channel breakout sys tem works extremely well in

a. Trending markets

b. Non-trending markets

c. Daily and weekly charts and monthly charts

d. a and c

Answer: d. a and c


Chapter 12

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The moving average

a. Follows the trend

b. Is a smoothing device

c. Lags market action

d. All of the above

Answer: d. All of the above


Chapter 14

The crossover method refers to

a. Buying the same security high and selling it low twice in the same day

b. Taking the buy/sell recommendations of a fundamental analystc. A buy or sell signal generated when a shorter moving average

crosses a longer moving average

d. a and b

Answer c. A buy or sell signal generated when a shorter moving average

crosses a longer moving average


Chapter 14

The most commonly used price to calculate the moving average is the

a. High

b. Low

c. Midpoint

d. Close

Answer d. Close

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Chapter 14

In a 10-day simple moving average, each days price is assigned a weighting of

a. 1%

b. 5%c. 10%

d. 20%

Answer c. 10%


Chapter 14

Which moving average(s) assign GREATER weight to the most recent data?

a. Simple

b. Weighted

c. Exponential

d. b and c

Answer d. b and c


Chapter 14

Longer-term moving averages

a. Give fewer buy and sell signals

b. Are better at giving signals at major tops

c. Give back a lot more when the trend reverses

d. a and c

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Answer d. a and c


Chapter 14

Shorter moving averages

a. Produce more trades

b. Produce fewer whipsaws

c. a and b


Answer a. Produce more trades


Chapter 14

To help confirm a price trend, volume should expand

a. On a reversal day

b. On a strong close

c. In the direction of the trend

d. When a price target is met

Answer c. In the direction of the trend


Volume divergence occurs when

a. Volume expands while open interest contracts

b. Volume expands while the daily trading range contracts

c. A new high in an uptrend takes place on declining volumed. Volume declines during a sideways congestion pattern

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Answer c. A new high in an uptrend takes place on declining volume


On a head and shoulders top, the head is typically made on

a. Active volumeb. Light volume

c. Breakout volume

d. Normal volume

Answer b. Light volume


Volume in a head and shoulders pattern is HIGHEST where?

a. At the top of the head

b. At the completion of the head

c. During the right shoulder

d. During the left shoulder

Answer c. During the left shoulder


Triangle price patterns should be accompanied by

a. Active volume within the pattern

b. Heavier volume in the direction of the eventual breakout

c. A gradual drop-off in volume until the breakout

d. No discernible difference in volume until after the breakout occurs

Answer c. A gradual drop-off in volume until the breakout

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Chapter 15

Technicians believe that

a. Price precedes volume

b. Volume precedes pricec. Volume and price are typically coincident indicators

d. Volume matters most during breakouts

Answer b. Volume precedes price


A se lling climax

a. Typically occurs at a market top

b. Typically occurs at a market bottom

c. Is accompanied by average to low volume

d. Indicates new shorts getting trapped at the bottom

Answer b. Typically occurs at a market bottom


Open interest is

a. The number of contracts traded in a day

b. The number of outstanding contracts in any given day

c. The sum of total volume and open interest


Answer: b. The number of outstanding contracts in any given day

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Chapter 18

The primary use of candlestick patterns is to

a. Define the intermediate and short-term trends, but not the primary trend

b. Define the primary, intermediate, and short-term trendsc. Strengthen the possibility of a reversal or continuation of a price trend

d. Determine if you are in a bull market or a bear market

Answer c. Strengthen the possibility of a reversal or continuation of a price trend


Chapter 17

Which is an example of candle pattern filtering?

a. Accepting only those patterns that fit the strict definition of their pattern

b. Accepting only those patterns that are confirmed by the intermediate trend

c. Using western techniques to confirm a candle pattern

d. Using cycles to confirm the existence of a pattern

Answer c. Using western techniques to confirm a candle pattern


Chapter 11

Which tools could you use in candle pattern filtering?

a. Cycles

b. Point and Figure chart

c. RSI and MACD

d. Dow Theory

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Answer c. RSI and MACD


Chapter 17

The analysis of cycles provides

a. An objective determination of trend reversal

b. An indication of time duration of a trend

c. Relative strength of related price indices

d. An approximation of price support

Answer b. An indication of time duration of a trend


For a futures contract, daily volume represents

a. The dollar volume of the contracts traded

b. The cumulative price change for the day

c. The number of contracts traded during the day

d. The open interest at the end of the day

Answer c. The number of contracts traded during the day


Chapter 18

Flow of fund analysis relies in part

a. On the sentiment of investment advisory services

b. On monthly price movements of the Dow Jones Industrial Average

c. On market volume statisticsd. On measuring the cash position of different investor groups

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Answer: d. On measuring the cash position of different investor groups


Chapter 10

A momentum index measures

a. Investor sentiment

b. Investor psychology

c. The rate of change of prices

d. Absolute volume level

Answer c. The rate of change of prices


Chapter 18

A simple moving average

a. Is a cumulative breadth measure

b. Is constructed from various randomly selected interviews of retail investors

c. Seldom changes in value

d. Is constructed by totaling a set of data and dividing that total by the number of observations

Answer: d. Is constructed by totaling a set of data and dividing that total by the number of observations


Chapter 14

The objective of the Dow Theory is to determine

a. Changes in market psychology

b. The likelihood of volume reversalsc. The primary direction of the stock market

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d. Timing of market bottoms

Answer c. The primary direction of the stock market


Chapter 6

Oscillators are normally used to

a. Identify overbought or oversold market conditions

b. Identify price/volume divergences

c. Identify Elliott Wave cycles

d. Gauge differentials between buyers and sellers

Answer: a. Identify overbought or oversold market conditions


Chapters 8 and 18

Relative strength analysis, as applied in equity analysis relates

a. Volume changes to price changes

b. Unsophisticated investor behavior to price cycles

c. Changes in security prices in relation to other security prices, group price indices or market action

d. Rate of price change of 4, 13 and 42 weeks

Answer c. Changes in security prices in relation to other security prices, group price indices or market action


Chapter 18

The resistance level of a price trend refers to

a. The level under the market where buying interest is

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sufficiently strong to overcome selling pressure

b. The level over the market where selling pressure is

sufficiently strong to overcome buying pressure and a price advance is expected to be turned back

c. The boundaries of the trading range of the trend

d. The target price indicated by the count

Answer b. The level over the market where selling pressure is

sufficiently strong to overcome buying pressure and a price

advance is expected to be turned back


Chapter 12

To measure an overbought or oversold market level, a technical analyst would normally

a. Look for moving average crossoversb. Look for a series of exhaustion gaps

c. Use one or more price oscillators

d. Look for price and volume divergences

Answer d. Look for price and volume divergences


Chapter 18

Accumulation normally occurs

a. Near a market bottom

b. Near a market top

c. In declining markets

d. After a completed trading range

Answer a. Near a market bottom

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The Kondratieff cycle extends for a period of about

a. 13 weeks

b. 13 years

c. 54 weeksd. 54 years

Answer d. 54 years


Chapter 19

The Public/Specialist Short Sales Ratio is used as a tool that

a. Shows the difference between sophisticated money and unsophisticated money

b. Shows the growth in money flow produced by NYSE specialists

c. Measures contrary opinion

d. Has become obsolete due to derivative product trading

Answer: a. Shows the difference between sophisticated money and unsophisticated money


Blow-offs are identified

a. Near market bottoms

b. By observing a sharp rally in prices after a long advance accompanied by a sharp increase in trading activity

c. By observing a sudden sharp drop in prices after a long decline accompanied by heavy trading activity

d. Using techniques of cycle analysis

Answer b. By observing a sharp rally in prices after a long advance accompanied by a sharp increase in trading activity

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Reference: Edwards, Robert D. and Magee, John. Technical Analysis of Stock Trends, 9th Edition.Chapter 10.1

A selling climax is identified

a. By observing converging cycle patterns

b. By observing divergence between market breadth and

volumec. By observing sharply rising prices


Answer d. None of the above

Reference: Edwards, Robert D. and Magee, John. Technical Analysis of Stock Trends, 9th Edition.Chapter 10.

A breakaway gap usually

a. Occurs during the accumulation phase of a market cycle

b. Signals the beginning of an important price move

c. Provides a major divergence signal

d. Occurs at the end of an important price move

Answer: b. Signals the beginning of an important price move

Reference: Edwards, Robert D. and Magee, John. Technical Analysis of Stock Trends, 9th Edition.Chapter 12

Price cycles are normally measured by

a. Their amplitude

b. Their period

c. Their phase

d. All of the above


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Comments

Vinayak Parmar

8/14/11 @ 02:14 am

5/5 Stars.

price cycle are measured by pahse period and amplitude

Yan Zhang

9/29/11 @ 08:40 am

Open interest is

a. The number of contracts traded in a dayb. The number of outstanding contracts in any given day

c. The sum of total volume and open interest


Answer: a. The number of contracts traded in a day

=> should the correct answer be b)?

TARUN SURANA10/3/11 @ 10:08 am

@ yan yes answer us b

TARUN SURANA

10/3/11 @ 10:08 am

@ yan yes answer is b

TARUN SURANA

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10/3/11 @ 03:32 pm

@ yan yes answer is b

Shiv Prakash

10/9/11 @ 04:30 am

We see such mistakes on the sample papers which should be rectified fast as it creates confusions among the beginners.

Adrian Filip

10/11/11 @ 07:03 am

A continuation pattern is

a. A pause in the prevailing trend

b. Usually a sideways price action

c. Usually a near term or intermediate term patternd. All of the above

Answer c. All of the above

The text of the answer is correct but the letter is wrong. it should have been d. instead of c.

Adrian Filip

10/11/11 @ 07:06 am

Volume in a head and shoulders pattern is HIGHEST where?

a. At the top of the head

b. At the completion of the head

c. During the right shoulder

d. During the left shoulder

Answer c. During the left shoulder

The text of the answer is correct; the letter is not. It should have been d.

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Cristian Varga

10/18/11 @ 04:14 am

The limited life feature of the contracts poses some problems for futures traders which stock traders

do not face. This is due to:

a. The very high volatility related to the futures markets, which results in a lot of whipsaws

b. The average futures contract has a trading life of about a year and a half only

c. Futures markets are normally more risky than equity marketsd. a and b

Cristian Varga

10/18/11 @ 04:19 am

can anyone help on the question above?

if i remeber correctly the correct answer in the MTA booklet is B. can anyone explain this question to me.I know the life of a futures contract is 4

months or 1 month.That s why there are 4 rollovers every year on some exchanges and 12 on other excahnges.

Mahendra Singh

10/20/11 @ 01:01 am

It his correct?

To measure an overbought or oversold market level, a technical analyst would normally

a. Look for moving average crossovers

b. Look for a series of exhaustion gapsc. Use one or more price oscillators

d. Look for price and volume divergences

Answer d. Look for price and volume divergences

ANKIT NARSHANA

10/20/11 @ 02:56 am

I guess answer should be C) use one or more price ocillators

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Erik Tatje

10/20/11 @ 04:21 pm

Ya, that question appears in Level 1 Booklet A as well (#137) and the booklet says the correct answer is C, which makes the most sense.

Mahendra Singh

10/21/11 @ 12:10 am

Thanks, that's what i thought. They should try correcting some of these errors on this entry.

Ayman Khalaf

10/21/11 @ 09:05 pm

for mahendra d is correct as he says the market not astock and the question is based on the idea that say when prices make arecord price (low or

high) on low volume its accumulation or distribution

Michael Schmidt

10/22/11 @ 12:18 am

These questions that are printed incorrectly really need to be fixed. The purpose of having this resource is to help with the testing process and this

really brings in a level of doubt. The comments section however is a very good way of capturing such errors.

Mahendra Singh

10/22/11 @ 03:26 am

@Ayman Khalaf: so in this case the Level 1 Booklet A is incorrect? I am of the opinion the answer should be C.

Oscillators can be used to gauge OB/OS conditions against markets/indices as well.

Divergence i think generally serves as warning that either the bulls or bears (the trend) are weakening and i don't think has great relevance really to a

market being overbought or oversold...yes divergence can and is often observed in overbought or oversold markets, but they can also be seen in

sideways markets as well.

Mahendra Singh

10/22/11 @ 03:39 am

i think if the question was phrased "to gauge the likelihood of a reversal in an overbought or oversold market, a technical analyst would normally...",

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then "d. Look for price and volume divergences" would be more correct.

Daniel Kuczero

10/22/11 @ 10:46 am

I have also found errors in the sample tests... Someone should get these corrected immediately. I took the sample exams and answered correctly, but

the answer code had the correct answer but mislabeled with the wrong letter! This will undoubtedly add confusion to newcomers.

Daniel Kuczero

10/22/11 @ 10:47 am

....and regarding the futures contracts having an average life of 1.5 years-I don't get that either. I have traded futures and clearly there are several

contracts throughout the year (depending on the market traded) and I don't understand the logic in that answer....

Christian Peterson

2/28/12 @ 04:37 pm

Shorter moving averages

a. Produce more trades

b. Produce fewer whipsaws

c. a and b


Answer a. Produce more trades

Shorter moving averages do not produce more trades. They produce more trading signals.

Harshad Mane

4/30/12 @ 01:26 pm

Open interest is the number of outstanding contracts

Add your comments:

/ /

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