Another thing important to understand about support levels is that when they fail they become resistance levels. Of course no support or resistance level is impossible to get through, but it does make it more difficult so it adds strength or weakness to trades.
No it's not hypothetical. God how many ids or multiple personalities am I going to have to deal with here?
The ONLY reason the market isn't much lower already is because 1800 and 8500 became support when the market pushed through. It's been trying to hold up for days now and each attempt is getting weaker and weaker.
The only think hypothetical I speak of are trades. I called a great short the other day when LUV spiked. I only covered my hypothetical short to lock in my point that I was right. Had I really shorted I'd still be holding that short and in fact, would still hold today. If support holds today and tomorrow then I'd possibly cover. If support doesn't hold I'd ride the short down to about $5.60 and re-evaluate.
Of course this is all hypothetically speaking thank goodness. I'm not losing real money like you fubars that rode you profits back down and will continue riding them back down. Paper losses are real losses if you're in a position.