Technical indicators display significant and robust out-of-sample predictive power.

The predictive power of technical indicators outperforms the well-known macroeconomic variables.

The strength of the predictive evidence is robust during recessions and expansions.

Technical indicators detect the typical decline in the oil returns near business-cycle peaks effectively.

Information stemmed in technical indicators reveals sizable utility gains for investors.

The predictive power of technical indicators stems in part from its ability to predict changes in sentiment.