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.

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