X - chop within a broader bullish trend

It was a rough day for US Steel (X) which saw some significant weakness, settling -7.8% at $37.31. With talk that President Trump's infrastructure bill might be delayed until 2018, the HFT algo-bots took an axe to many of the manufacturing/industrial stocks. For now, mid/long term trend remains bullish, with a monthly close >$40 due.


X, daily

X, monthly

Summary

Its very notable that despite today's smackdown, US Steel is still net higher for the month by a very powerful 14%.

Recent price structure was a giant bull flag.That was decisively confirmed with a move into the $41s. It would seem to be just a matter of when we'll see a monthly close above the key $40 thresold. Whether that is this month... March.. or not until the early summer, it shouldn't much matter to those long.

Technically, a monthly close >$40 will offer grander upside to $60.. whether by year end.. or early 2018.

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The CEO Longhi met the President today... and boldly equated Trump with Eisenhower.

Trump will present the State of the Union next Tuesday, and that will likely highlight an intended 1 trillion dollar infrastructure bill.