According to the Efficient Market Hypothesis and random walk theory, technical analysis is useless. On the other hand, many investors and technical analysis supporters believe its benefits to hit the market. The purpose of this study is to find out whether technical analysis methods are useful in the KOSPI200 Index Futures market by analyzing average daily returns since 1996 when KOSPI200 index futures was started. This paper shows that most of technical analysis methods in the KOSPI200 index futures are not statistically significant to compare daily returns except for DMI method in bootstrap test. But technical analysis could reduce standard deviation and coefficient of variance, which means that technical analysis is still useful to control risk and loss.
