A lot of technical analysis's value, in the sense that I understand it and believe most retail traders use it, is based around predicting intermediate timespan market changes to time trading. It's less about beating the market and more about taking its pulse.
Looking at TA statistics generated from daily, weekly, and monthly points, effectively aren't those momentum? Which collapses the question down to "Do stocks exhibit momentum or not?"
I don't understand your point. If TA can't generate alpha then why bother? Whether stocks exhibit momentum or not is irrelevant if you can't profitably trade off of it.
Look at it this way. TA is fundamentally a matter of pattern recognition. If it actually worked then you could program a computer to recognize the patterns and automatically put in trades. But if everyone does that then any profit opportunity is almost instantly arbitaged away, and thus TA quickly stops working (if it ever worked at all).
A lot of technical analysis's value, in the sense that I understand it and believe most retail traders use it, is based around predicting intermediate timespan market changes to time trading. It's less about beating the market and more about taking its pulse.
Looking at TA statistics generated from daily, weekly, and monthly points, effectively aren't those momentum? Which collapses the question down to "Do stocks exhibit momentum or not?"