21.The resistance level signifies the price at which a stock's supply would be expected to:

A)   cause the stock price to "break out".

B)   increase substantially.

C)   decrease substantially.

D)   decrease to match the demand for the stock.

22.In addition to those factors monitored by a technician tracking volume alone, a technician using bar charting would observe:

A)   daily highs, lows, and closes.

B)   support levels.

C)   resistance levels.

D)   support and resistance levels.

23.Which of the following measures is NOT used as a market environment technical trading signal?

A)   PEG ratio (P/E ratio divided by expected growth rate)

B)   Market breadth (advance/decline ratio)

C)   Short interest ratio.

D)   Block uptick-downtick ratio.

24.Following the "smart money" implies expectation of a bullish market when the:

A)   yield differential between high-and low-quality bonds narrows.

B)   CBOE put/call ratio is high.

C)   large majority of speculators expect stock index futures to decline.

D)   confidence index is declining.

25.Point and figure charting is most concerned with which of the following?

A)   Time.

B)   Price "jumps".

C)   Relative Strength.

D)   Volume.

答案和详解如下：

21.The resistance level signifies the price at which a stock's supply would be expected to:

A)   cause the stock price to "break out".

B)   increase substantially.

C)   decrease substantially.

D)   decrease to match the demand for the stock.

The correct answer was B)

Support and resistance levels. Most stock prices remain relatively stable and fluctuate up and down from their true value. The lower limit to these fluctuations is called a support level – the price range where a stock appears cheap and attracts buyers. The upper limit is called a resistance level – the price range where a stock appears expensive and initiates selling.

Generally, a resistance level tends to develop after a stock has experienced a steady decline from a higher price level. Technicians believe that the decline in price will cause some investors who acquired the stock at a higher price to look for an opportunity to sell it near their break-even points. Therefore, the supply of stock owned by investors is overhanging the market. When the price rebounds to the target price set by these investors, this overhanging supply of stock comes to the market and dramatically reverses the price increase on heavy volume.

22.In addition to those factors monitored by a technician tracking volume alone, a technician using bar charting would observe:

A)   daily highs, lows, and closes.

B)   support levels.

C)   resistance levels.

D)   support and resistance levels.

The correct answer was A)

Bar charts show daily, weekly, or monthly time series of stock prices. For a given interval, the technical analyst plots the high and low prices and connects the points to form a bar. Almost all bar charts also indicate volume. Point-and-figure charts are used to determine support and resistance levels.

23.Which of the following measures is NOT used as a market environment technical trading signal?

A)   PEG ratio (P/E ratio divided by expected growth rate)

B)   Market breadth (advance/decline ratio)

C)   Short interest ratio.

D)   Block uptick-downtick ratio.

The correct answer was A)

Other technical market environment indicators also include stocks above their 200-day moving average.

24.Following the "smart money" implies expectation of a bullish market when the:

A)   yield differential between high-and low-quality bonds narrows.

B)   CBOE put/call ratio is high.

C)   large majority of speculators expect stock index futures to decline.

D)   confidence index is declining.

The correct answer was A)

When the spread between high and low quality bond narrows, the confidence index increases, indicating a bullish market.

The other indicators are not typically used by smart-money technicians. An increasing CBOE put/call ratio and future traders bearish on stock index futures are bullish signs to a contrarian.

Smart-money technicians look at:

§ Confidence index (yield on high-quality bond/yield on average-quality bonds)

Note: CFA Institute has been know to use wording about yield spreads (which move in the opposite direction of the confidence index) to test your understanding of this indicator.

§ T-bill – Eurodollar yield spreads

§ Short Sales by Specialists (short sales by specialists / total NYSE short sales)

§ Debit (margin) balances in brokerage accounts

25.Point and figure charting is most concerned with which of the following?

A)   Time.

B)   Price "jumps".

C)   Relative Strength.

D)   Volume.

The correct answer was B)

A point-and-figure chart includes only significant price changes, regardless of their timing or volume. The technician determines what price interval to record as signficiant and when to note price reversals.