All of the leading steal stocks are selling off this morning. This sector has been very strong over the past week and today's decline could just be a short term pullback. U.S. Steel Corp (NYSE:X) is considered the leading stock in the sector. This morning, X stock is trading lower by $1.01 to $30.26 a share. Short term traders should watch for intra-day support around the $29.90, and $29.00 levels.
Most other leading steel stocks are also trading lower today. Leading steel stocks such as Nucor Inc (NYSE:NUE), AK Steel Holdings Corp (NYSE:AKS), and Steel Dynamics Inc (NYSE:STLD) are coming under selling pressure today. These leading steel stocks could all have further downside according to the pattern on the daily charts.