The longer it holds above this short-term key moving average, the higher probability we could see a bounce back to highs.

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Then in September, the Fed cut its key short-term interest rate for the first time since 2003 by one-half percentage point from 5.25 percent to 4.75 percent.

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However, the steel ETF has recently broken below key short-term support at its 10-day and 20-day moving averages, and is now testing round-number support in the 40 region.

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