What aspect does the Series 86 exam not cover?

The Series 86 exam primarily focuses on the fundamentals of equity research, which includes understanding financial statements, conducting financial analysis, and evaluating macroeconomic factors that can impact investment decisions. Within this context, the examination is structured to assess knowledge and skills associated with fundamental analysis rather than technical analysis.

Technical analysis involves evaluating stock prices and market trends, primarily through price charts and trading volume data, which is not a foundational aspect required for a research analyst's role that the Series 86 prepares candidates for. Therefore, the study materials and examination format do not emphasize technical analysis, making it clear that this aspect is not covered by the Series 86 exam.

In contrast, the other areas such as equity research fundamentals, macroeconomic factors, and financial statement analysis are integral components of the curriculum, laying the groundwork for effective equity research practices necessary for a research analyst's responsibilities.