I tried your code. Does not work. Again, when I comment the line with
\setupalign it works.
I was using Minion via simplefonts, but it seems modern fonts are also
affected.
I'working on Windows 7 32bit and updated  Context Minimals before testing.

@Wolfgang: I included the options because ConTeXt was using the
condensed-italic font instead of the italic font. That occurs only if one
has both variants installed.

> -----Ursprüngliche Nachricht-----
> Von: Hans Hagen [mailto:pragma@wxs.nl]
> Gesendet: Mittwoch, 16. Februar 2011 19:41
> An: mailing list for ConTeXt users
> Cc: C.
> Betreff: Re: [NTG-context] \setupalign[hz,hanging] breaks verbatim text
> 
> On 16-2-2011 6:48, C. wrote:
> > I have a strange problem in one of my documents.
> > When I uncomment the line with \setupalign[hz,hanging] everything
> > works fine. When I use it, I get this error because of a verbatim typing
> segment:
> >
> > \obeyedline ->\par
> >
> > \doverbatimendofline ->\dostoptagged \obeyedline
> >                                                   \par \ifconditional
> > \verbat...
> > l.10 \dodisplayverbatimstop
> >
> > \ctxcommand ...\directlua \zerocount {commands.#1}
> >
> > \dodotypeblockverbatim ..., nature = "display", }}
> >                                                    \dostoptagged
> > \endofverbat...
> > l.71 \stoptyping
> >
> > !  ==>  Fatal error occurred, no output PDF file produced!
> > mtx-context     | fatal error: return code: 1
> >
> > Here is the troublemaker:
> > \starttyping
> > test;
> > äüöAR \test \Context
> > \stoptyping
> >
> > Interestingly I was not able to produce a real minimal example,
> > because when I remove everything except these lines, it’s working fine
> > again. So there has to be at least some lines of text to break stuff.
> > Oh yeah, and it seems that using simplefonts and Minion also plays a
role.
> > Can somebody have a look at this, please? The attached file like it is
> > does not compile here.
> 
> Can you figure out what font is involved? This works ok here.
> 
> \definefontfeature[default][default][expansion=quality,protrusion=quality]
> 
> \setupbodyfont[modern,12pt]
> 
> \setupalign[hz,hanging]
> 
> \starttext
> 
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> angelehnten Kunstwörter ARMAX und ARIMA bezeichnen lineare Modelle
> für stationäre, zeitdiskrete stochastische Prozesse. Sie werden zur
> Zeitreihenanalyse in der Messtechnik, in der Statistik und dort
insbesondere
> in der Ökonometrie eingesetzt. Kern ist ein lineares Gleichungssystem. Man
> kann solche Modelle auch als Differenzengleichungen bzw.
> Differenzengleichungssysteme ansehen.
> 
> \starttyping
> test;
> äüöAR \test \Context
> \stoptyping
> 
> \stoptext
> 
> 
> -----------------------------------------------------------------
>                                            Hans Hagen | PRAGMA ADE
>                Ridderstraat 27 | 8061 GH Hasselt | The Netherlands
>      tel: 038 477 53 69 | voip: 087 875 68 74 | www.pragma-ade.com
>                                               | www.pragma-pod.nl
> -----------------------------------------------------------------