On Thursday Nasdaq continued to chop sideways, and may continue to do so on Friday. However at the end of the day on Thursday NQ looks ready to sell-off.
Key Level For Friday is 2730.
-- Bearish below 2730, but there are several layers of supports just below, first support is 2720 then 2705.
-- Bullish above 2730 with resistance at 2755.
The U.S. economy unexpectedly contracted in the fourth quarter, suffering its first decline since the 2007-09 recession as businesses scaled back on restocking and government spending plunged.
Gross domestic product fell at a 0.1 percent annual rate after growing at a 3.1 percent clip in the third quarter, the Commerce Department said on Wednesday.
That was the worst performance since the second quarter of 2009, when the recession ended, and showed the economy entering the new year with no momentum.
The contraction, coming against a backdrop of tightening fiscal policy, could spur fears of a new recession and create an urgency for policymakers to deal with outstanding budget issues.
