Durable Goods Orders Drop to 2009 Levels

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Data released this morning shows that Durable and Core Durable Goods Orders dropped considerably…down to 2009 levels, as shown on the graphs below.

Ones to watch for possible continuing weakness as a confirmation of slowing global growth in 2012. In the short term, this may take some of the steam out of the current equity market rally, as the futures markets dropped immediately following the release. In this regard, I've outlined where short-term support lies for the four e-mini futures indices (YM, ES, NQ & TF) in my post of February 27th.