lol First the first study you linked is not available, the second is 300 pages and idk what I'm supposed to see in there, and the third one is telling us that all 4 indices provided returns in 1990-2000 with several strategies, the biggest returns one was the Russell 2000 and I could have told you with my eyes closed no need to make a retarded "academic studies" the price trended up and there were alot of pullbacks therefore... And the "paper" tells us also that between 1990 and 2000 the Nasdaq was in a bubble and every dumb TA strategy they tested underperformed buy & hold. Finally the paper tells us that S&P500 and DJIA went up in a straight line not giving as many trades. mArKetS chAnGE beCAUse SomETimes PRicE gO uP aND soMEtimES pRIce gO doWN. Did you know that high level genius professors in the town of South Park found out that when you piss on a monkey it angers it? You are mocking yourself what? Why?
You say day traders cannot be profitable. So you are either the smartest person in the thread to know this.......... or the biggest fool. I assumed the latter so I tried to level.
As JP Morgan said when asked what the market will do "It will fluctuate, young man. It will fluctuate.”
So, the question was "Does the market really change?". ...Obviously people don't change What changes: The money flow (not the indicator..), the tech, the strategies that people use and the business cycles.
Markets never change. The same patterns repeat. Jesse Livermore proved this by multiplying his account over and over, regardless of bull or bear market. His words are the same as those of De La Vega who existed hundreds of years prior, just as Honma and ancient merchants said.
While it is entirely possible the same patterns repeat,that tidbit of info has no bearing on whether markets change...or not..Think about it... On a macro level,the,markets go up,go down,or stay the same.Duration and volatility vary.The argument that the events have been observed before does not mean markets do not change. Markets are function of supply and demand ,fear and greed. Neither is constant,never has been,never will...