https://www.investmentpod.com/asset...QR-A-Century-of-Trend-Following-Investing.pdf http://openaccess.city.ac.uk/17841/8/TREND IS YOUR FRIEND SSRN-id2126478.pdf http://www.iaeng.org/publication/IMECS2016/IMECS2016_pp317-321.pdf http://www.philosophicaleconomics.com/2016/01/movingaverage/ There's lots more out there but that should be good for now. Plus if you consider that the stock market (indices) have a long-term upward bias and that more months are up than down, it would follow that if there is an up month it is most likely that another up month will follow it.