BUZZ-U.S. Steel: Heavy action on the charts

** U.S. Steel shares now just slightly lower on the session, down 0.2 pct. Nevertheless, threatening a 6th straight lower daily close

** Indeed, X has been volatile in 2018. Shares (Berlin: DI6.BE - news) outperformed into their Mar 1 spike high, rallying as much as 36 pct vs S&P 500 gain, at the time, of just around 2 pct for the year

** Day of X high coincided with announcement that U.S. to impose steel, aluminum tariffs; indeed, reaction to the news was initially bullish

** However, steel stocks quickly reversed as investors turned skeptical

** That said, VanEck Vectors Steel ETF, which does include foreign exposure, had already started to bend down

** Index of spot iron ore prices delivered to key steel market China (Spot Iron Ore Idx 62% FE Fines) down 10 pct from its Mar 1 high (Thomson Reuters Datastream)

** In meantime, X down close to 20 pct from its Mar 1 peak, and can still threaten rising 100-DMA (now $35.05), or ~8 pct below last price. Chart: http://reut.rs/2FEbGGr

** MA has acted as a magnet on weakness, as well as good support over past 6 months. Thus, closing break can suggest risk for greater decline, early Feb trough $30.91

** X needs to vault back above 2017/2018 highs ($41.72/$41.83) to potentially refocus on its $47.64 Mar 1 peak

** Meanwhile, materials softest SPX sector WTD with ~3 pct decline