Monday morning, all of the leading steel stocks declined sharply lower. This important sector has been coming under heavy selling pressure since mid-March 2012. United States Steel Corp (NYSE:X) is considered to be one of the leading stocks in the sector. Monday, X stock traded lower by 0.53 cents to $18.60 a share. Short-term traders can watch for some intra-day support around the $18.50, and $17.75 levels.
Some other leading steel stocks that also declinined Monday include Nucor Corp Inc (NYSE:NUE), AK Steel Holdings Corp (NYSE:AKS), and Steel Dynamics Inc (NASDAQ:STLD). The daily trend remained down on the entire steel sector. Please remember, the steel sector has a tendency to trade inverse to the U.S. Dollar Index.