Funny how you refer to a technical "level" yet you have no idea due to your "smoke and mirrors" fundamental mentality . . . as if you would know where a technical "level" was in the first place!
And according to your logic, the surprisingly strong durable goods orders for June, +0.8% ( +2% excluding transportation orders ) should have rallied the market sharply. Didn't happen. So much for trading off of strong economic news. :eek:
Take out national defense and the number doesn't look great. Do more research before trying to prove someone wrong.
Your an idiot. Where is the proof? Right here . . . "Non-Defense capital goods excluding aircraft, viewed as a barometer of business spending jumped 1.4%" http://biz.yahoo.com/rb/080725/usa_economy_durables.html
Please correct me if I am wrong but my understanding of technical levels are: 1. A level that with the benefit of hindsight accurately predicted the markets direction 2. A level that when applied prospectively has no greater statistical chance of predicting market direction than a randomly chosen level. Cheers PS If anyone really knew what was going to happen [even once] they would be rich beyond there wildest dreams.... Keep posting the comedy guys.
I'm sitting here shaking my head. Wondering how yet another "What the F#@&", "I'm losing money being on the wrong side of the market and I don't know why" thread has morphed into yet another argument over the perception/interpretation of an economic number, the value of which, most day traders wouldn't give two shits about.
Everything you said is wrong, but I'm not going to correct you because I couldn't give two shits whether you understand this stuff or not.