A comprehensive examination of the compass rose pattern in futures markets

A comprehensive analysis of the existence of the compass rose pattern on 118 commodity futures contracts that are traded on 31 commodity futures exchanges located in 15 different countries reveals that the pattern is not universal. However, the pattern does appear prominently in some market sectors. This elusiveness, which is seen on the cash Standard and Poor's 500-Stock Price Index only on returns within a limit of 1%, suggests the need for further studies on the subject.