Table 5.

Probability p to reject the null hypothesis that the cluster entropy values for the NASDAQ, DJIA and S&P500 at varying horizons M have same mean and variance of the Fractional Brownian Motion with $H=0.5$. First column reports the temporal horizon M. The probability p has been estimated by standard T-paired test [23].

M	NASDAQ	S&P500	DJIA
1	0.5154	0.7399	0.8892
2	0.6026	0.8335	0.9257
3	0.6470	0.8588	0.9332
4	0.6631	0.8814	0.9283
5	0.6823	0.9018	0.9417
6	0.7124	0.9246	0.9534
7	0.7162	0.9224	0.9461
8	0.7288	0.9309	0.9618
9	0.7370	0.9479	0.9645