'93 F-150 V8 5.0 makes squealing sound

It's coming from under the hood and sounds like it's happening when I turn the wheel so I'm assuming that it is the power steering. I checked the steering fluid level it is OK. Any suggestions as to where else to check?

maybe your serpretine belt? How old is it?

Try spraying some belt dressing on it and then turn the wheels like you were doing before.