This morning, all of the leading steel stocks are declining despite an early stock market bounce. United States Steel Corporation (NYSE:X) is considered the leading steel stock in the sector. X stock is declining lower by $1.14 to $27.08 a share. Short term traders can watch for intra-day support around the $26.95, and $26.50 levels. The daily chart support for X will be lower as the stock is trading below the important 50, aX, NYSE:NUE, NYSE:AKS, NASDAQ:STLD, NASDAQ:SCHNnd 200 moving averages.
Some of the leading steel stocks that are declining along with U.S. Steel include Nucor Corporation
(NYSE:NUE), Steel Dynamics, Inc. (NASDAQ:STLD), AK Steel Holding Corporation (NYSE:AKS), and Schnitzer Steel Industries, Inc. (NASDAQ:SCHN). All of these stocks will generally bounce intra-day when the U.S. Dollar Index declines.