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CMT-Level-I戊件禾奈生件玄 & CMT-Level-I憝窣歠
Posted at 5/14/2026 16:38:25
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CMT Association CMT Level 1 Exam 庲隅 CMT-Level-I 歠觳 (Q289-Q294):斮 # 289
If the stock market reaches a new peak while the A/D line does not, it indicates that:
- A. Many stocks are participating and the rally may be near its end
- B. Fewer stocks are participating and the rally may be near its end
- C. Many stocks are participating and the rally may continue
- D. The market may continue to move higher
淏賤ㄩB
賤掊ㄩ
Detailed Explanation:
This is a classic negative divergence. If the index hits a new high but the cumulative A/D line fails to confirm, it means the rally is being driven by a small number of large-cap stocks while the majority of stocks (breadth) are lagging. This indicates fewer stocks are participating and the trend is weak.
斮 # 290
The two common ways that a greed-driven investor can suffer losses, even when his longer-term forecast is correct, are from:
- A. Indexes and currencies
- B. Leveraging and currencies
- C. Indexes and pyramiding
- D. Leveraging and pyramiding
淏賤ㄩD
賤掊ㄩ
Detailed Explanation:
Greed often leads to excessive risk-taking. Leveraging (borrowing money) and Pyramiding (adding to positions aggressively) can lead to margin calls or wipeouts during minor counter-trend corrections, causing the investor to lose capital even if the long-term trend eventually goes their way.
斮 # 291
According to Russell, when Dow Jones industrial average moves below _______ for the second time, it is a confirmation of bear market.
- A. 30 days
- B. 30 weeks
- C. 52 weeks
- D. 200 days
淏賤ㄩB
賤掊ㄩ
Detailed Explanation:
This refers to a specific rule attributed to Russell (a Dow theorist) regarding moving averages or time filters.
A break below the 30-week moving average (often used as a proxy for the 200-day/primary trend) that is confirmed by a second move or duration is a bear market signal.
斮 # 292
Which of the following actions is most likely to comply with the CFA Institute Code of Ethics and Standards?
- A. Posting information about questions from a prior year's exam on a public discussion forum
- B. Joining discussion groups on LinkedIn/Facebook to discuss and share exam questions
- C. Providing your exam prep course provider with a list of topics not tested from the body of knowledge
- D. Posting derogatory comments regarding the CMT Program on a website for CMT candidates
淏賤ㄩC
賤掊ㄩ
Detailed Explanation:
The Code of Ethics strictly prohibits revealing specific content or questions from the exam (Standards regarding Integrity of the Program). However, discussing the curriculum or general topics that did not appear is generally permissible as it does not compromise the security of the actual exam questions used. Sharing actual questions (Options A and B) is a major violation.
斮 # 293
Which of the following is an INCORRECT interpretation of the candlestick piercing pattern?
- A. It occurs after a downtrend
- B. It is a bullish reversal pattern
- C. The smaller the penetration into the price levels of the prior day's real body, the greater the predictive power
- D. It is a bearish reversal pattern
淏賤ㄩD
賤掊ㄩ
Detailed Explanation:
The Piercing Pattern is a bullish reversal pattern (the opposite of Dark Cloud Cover). Therefore, the statement that it is a "bearish reversal pattern" is the INCORRECT one. (Note: Option C is also technically incorrect as deeper penetration usually implies greater power, but B is a definitional error).
斮 # 294
......
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