本文旨在探討考慮投資者情緒和經濟政策不確定性為指標使否能增進技術交易規則的獲利能力。以美國道瓊工業平均指數、標普500指數以及那斯達克綜合指數為實證資料，並以Baker and Wurgler (2006) 正交投資者情緒指數及Baker, Bloom et al. (2016) 經濟政策不確定性指數作為考慮投資者情緒和經濟政策不確定性的代理。資料期間為西元1985年1月至2018年12月。本文採用移動平均線交易規則，當考慮投資者情緒指數及經濟政策不確定性指數作為指標時，將715個移動移動平均線交易規則拓展至504,075個交易規則。實證結果顯示，單獨考慮投資者情緒或經濟政策不確定性為指標對技術交易規則的獲利能力皆有顯著的提升，而同時考慮投資者情緒及經濟政策不確定性為指標產生最佳的獲利能力。在三個市場指數中產生一致性的顯著提升獲利能力的規則為，在交易規則的買賣點同時考慮低投資者情緒及中等的經濟政策不確定性。

This article aims to explore whether considering investor sentiment and economic policy uncertainty index values as indicators can improve the profitability of technical trading rules. This article uses the US Dow Jones Industrial Average, S&P 500 Index and NASDAQ Composite Index as empirical data, and uses Baker and Wurgler (2006) orthogonalized investor sentiment index and Baker, Bloom et al. (2016) economic policy uncertainty as proxies of investor sentiment and economic policy uncertainty. The data period is from January 1985 to December 2018. This article uses the moving average (MA) trading rules and when considering the investor sentiment index and the economic policy uncertainty index as indicators, the MA trading rules are in 715 combinations are expanded to 504,075 different combinations of MA trading rules. The empirical results show that considering investor sentiment or economic policy uncertainty alone as an indicator has a significant improvement in the profitability of MA trading rules while considering both investor sentiment and economic policy uncertainty as indicators produces the best profitability. The rule that consistently produces significant profitability in the three market indices is: Consider the low level of investor sentiment and moderate level of economic policy uncertainty at both buying point and selling point.

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