Our mid-day minute chart today looks at some select names in the steel sector: United States Steel (X), AK Steel (AKS), Cliffs Natural Resources (CLF) and Nucor (NUE). While there are not-so-subtle fundamental differences between the various steel companies, from an intermediate-term technical perspective every one of them appears to have ended a multi-month recovery rally and is approaching a test of important support, the success or failure of which could have serious implications for the prices of these names, but for the prolongation of the global economic expansion.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.