I am an efficient market guy (especially over the long term) and into fundamental analysis if inclined to try to find the inefficiencies. I think a lot of people forget when talking about "the market" that what they are talking about is just a large collection (somehow curated, usually by an index) of financial instruments (whether ownership rights or debt holders) related to private companies.
Technical analysis never made sense to me (through my efficient market lens) as it is not causal at all (and doesn't usually claim to be) and is always trying to predict the future based of perceived patterns in the past (one step up from astrology imo). Particularly with technical analysis I think the market is VERY efficient as any prior patterns can be easily identified and automated (same as it is really hard to find arbitrage opportunities at the individual level*). It may not be completely impossible to notice a pattern that has not been exploited but certainly anything published will be used by someone thus impacting the future usefulness of exploiting that perceived pattern either at the market level or individual security level.
I do think that there are opportunities to exploit fundamental analysis of individual companies and possibly niche sectors that are mis-valued (more likely due to fads or social trends -sin stocks and perhaps some socially conscious investing distortions that overvalue based off of non-financials). However, there are a lot of really smart people and computers seeking and exploiting these and can do so much better than us. We, as individuals, are very unlikely to have the time and consistent luck in finding the nuggets in a competitive marketplace to be useful to exploit. -But it is fun to look if you like to nerd out and play doing analysis.
As long as I have an overall optimistic outlook on the future, I expect the market will trend upwards based off of technical and social advancements that will lift, on average, all those companies I invest in through mutual funds. If I'm wrong, that's what guns, ammo, food, and survival skills are for (but if it all hits the fan they won't help you for long either!).
* without some external forces at play such as government manipulation, or 0% teaser interest rates (expected to be offset by other income flows by the lender) allowing you to borrow for less than market prices.
