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Random Walk and Efficient Market Hypotheses are central ideas in explaining financial market efficiencies. The assumption that market behavior embodies and reflects relevant information has a great impact on securities prices. Any change in the relevant information causes price adjustment. In contrast, technical analysts argue that prices gradually adjust to new information. Thus, historical analysis is useful in diagnosing the repeated pattern behaviors leading to active investment strategies that generate better- than-market returns. The purpose of this study is to examine the efficacy of using technical trading rules in the emerging market of Israel, through the analysis of the Tel-Aviv 25 Index (TA25) and to compare its weak-form market efficiency to the performance of the S&P 500. Download Paper