證券市場是否符合弱式效率市場假說?技術分析交易策略是否能為投資人帶來超額報酬?這樣的話題不論是在國內/外一直是備受爭議的議題。而美國聯準會因2008年金融海嘯導致經濟衰退的情況下，於2009年3月18日至2014年10月29日實施了一項非傳統的貨幣政策-『量化寬鬆』，本研究的目的就是要探討在美國實施量化寬鬆政策下，投資人是否能透過技術分析的方法來打敗大盤(即買進持有策略)，而技術分析是選用以20日與60日移動平均線為基礎的黃金交叉和死亡交叉買賣策略，本文的研究期間係以自2009年3月18日至2014年10月29日為止的每日收盤價的歷史資料來進行實證，進而探討在量化寬鬆政策背景下的美國股票市場是否具有弱式效率性。

Fed implemented an unconventional monetary policy, quantitative easing (QE), from Mar. 18, 2009 to Oct. 29, 2014 to deal with the economic recession led by the financial tsunami in 2008. The purpose of this study is to discuss if investors can beat the buy-and-hold strategy by technical analysis under the background of QE. The technical analysis indicators we use are golden cross and death cross based on the 20-day and 60-day moving average. We use the historical daily closing price data from Mar. 18, 2009 to Oct. 29, 2014 to examine if the US equity market under the background of QE supports the weak form efficient market hypothesis.

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