Time analysis of Tehran Stock Exchange Index, China Stock Exchange Index, Dow Jones Index and Tokyo Stock Exchange Index using astronomical movements of the moon

Subject Areas : Journal of Capital Market Analysis

Yousef Moshtaghi ¹ , Fatemeh Sarraf ² , Mahboobeh Jafari ³ , Farzane Heydarpoor ⁴

1 - Department of financial Engineering, South Tehran Branch, Islamic Azad University, Tehran, Iran.
2 - Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran.
3 - Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran.
4 - Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.

Received: 2024-09-03 Accepted : 2025-01-12 Published : 2025-06-21

Keywords: financial astrology, moon deviation, total index, financial astrology, moon phases,

Abstract :

Many efforts have been made to find the reason for the effect of the moon on sea water and other events. With the passage of time, a connection between the markets and these effects was discovered and it became clear that the financial markets, as a small subset of the human social environment, are affected by these astronomical activities, which became known as financial astrology. The aim of the current research is to investigate the effect of astronomical events related to the moon on the trends of the Tehran Stock Exchange Index, the China Stock Exchange Index, the Dow Jones Index and the Tokyo Stock Exchange Index. The astronomical events of the moon include the deviation of the moon and the phases of the moon. The sample required in this study is daily data on indicators and also information related to the date of occurrence of astronomical movements of the moon. The data related to the month and indices were extracted from 2006 to 2024. Hypotheses were investigated by Chi-square statistical method. According to the results of the research, the hypotheses were confirmed and it was found that there is a relationship between the astronomical movements of the moon and the trend of these four indices, in other words, the deviation of the moon and the phases of the moon affect the trend of the Tehran Stock Exchange Index, the China Stock Exchange Index, the Dow Jones Index and the Tokyo Stock Exchange Index.

References:

پوراني، محمد. پوراني، محمدرضا. (1400). تحليل و معامله گري در بازار به روش بيل ويليامز. تهران. انتشارات آراد كتاب.
شيادهي، روح الله. ديده خاني، حسين. خوزين، علي. نادريان، آرش. توسعه مدل بهینهسازی پرتفوی با استفاده از ضریب ریسک گریزی تغییر یافته. فصلنامه تحليل بازار سرمايه. (4)1: 179-202
صراف، فاطمه. منصوریان ،رضا. مشتاقی، یوسف. (1402). نقش آسترولوژی مالی در بازار های مالی بین المللی. نشريه مطالعات حسابداري و حسابرسي. 12(48): 101-114
راعي، رضا. پويان فر، احمد (1396). مديريت سرمايه گذاري پيشرفته. تهران. انتشارات سمت.
رودپشتي، فريدون. قاسميان، محسن. فراهاني، آزاده. (1400). معامله گري و چرخه هاي نجومي. تهران. انتشارات صانعي.
قهرماني، علي. (1401). نظريه گن در چرخه هاي بازار. تهران، انتشارات دانش پژوهان.
كيايي، جواد. فرشادفر، زهرا. (1403). مدلسازی و پیش بینی قیمت سهام با استفاده از الگوریتم فرا ابتکاری کلونی مورچگان. فصلنامه تحليل بازار سرمايه. (4)2: 131-152
Bucholtz, B. (2013). The Bull, the Bear and the Planets. Trading the Financial
Markets Using Astrology. Bloomington. Iuniverse. Ghalke, A. Kumar, S. Kakani, R.K. Rao, K. Modekurti, V.S. (2023). “New moon day anomalies of Amavasya and Muhurat trading: Gestalting the role of culture and
institutions”. IIMB Management Review. 35(2): 137-148 Goeyardi, G. Hady, H. (2021). “Financial analysis method based on astrology Fibonacci, and Astronacci to find a date of direction inversion: JCI and future gold prices (empirical study of the JCI-IDX and gold prices, period of (2008–2017)”.
Economics and Business Research, 22(2/3):290-310 Kunth, D., Terlevich, E. (2024). Moon. In: StarWords. Springer Praxis Books
Springer, Cham.
McWhirter, L. (1988). Astrology and Stock Market Forecasting. NY. ASI Publishers Merriman, R. (2015). Solar Lunar Keys to Gold Prices: Market Timing Secrets of a
Gold Trader. USA. Seek It Publications.
Pesavento, L. (1996). Planetary Harmonics of Speculative Markets. USA. Traders Press, Inc Pesavento, L. Smoleny, S. (2015). A Trader’s Guide to Financial Astrology Forecasting: Market Cycles Using Planetary and Lunar Movements. New Jersey. John
Wiley & Sons. Pinkal, S. Jaydip, G. (2013). “Moon and Market: An Empirical Study on Effect of movement of Moon on BSE Sensex”. International Journal of Accounting and
Financial Management Research. 3(1) Skinner, CH (2014). The Financial Universe, Planning Your Investments Using
Astrological Forecasting. Eastbourne. The Alpha press. Woolfolk, J. M. (2008). The Only Astrolgy Book You’ll Ever Need. Maryland. Taylor
Trade Publishing.