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Steel Bends Lower

|Includes: AKS, NUE, SCHN, STLD, United States Steel Corporation (X)

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.

Nicholas Santiago