I've done some work on death cross and golden cross with 50/200...

I've done some work on death cross and golden cross with 50/200 dma as an event analysis with Aus stocks over roughly a decade.

The post event performance of a golden cross is almost exactly a coin flip up to six months after the event. That is, a stock is equally likely to outperform its peers after experiencing a golden cross as underperform.

Dearh cross is a better classifier with a much higher likelihood of underperformance post event than outperformance. The odds were somewhere around 60-65%. The investment horizon was not overly sensitive from a number weeks out to six months or so... not day trading territory, but not long term investor either, so I'd say a death cross is more of a sell signal for a holder considering exiting and moving on to something else.