Producer Prices are Leading Indicator to Consumer Prices 


President of Blue Line Futures

Market Activity

-U.S. Producer Price Index for March surges past expectations with a headline read of 11.2% YoY and +1.4% MoM.

– Core PPI at 9.2% YoY and 1.0% MoM

– China Trade Balance showed a widening surplus with Exports topping expectations at 14.7%.

– Although strong Exports a positive sign for the world economy, much has been in the news recently about China’s worsening prospects at home after battling a new virus outbreak. China’s Cabinet said RRR cuts will be used advantageously to aide growth.

– Earnings season underway.

– JPM missed EPS but topped Revenues and is down 3% ahead of the bell.

– BLK topped EPS but missed Revenues, stock is unchanged.

– Delta topped both top and bottom with less of a loss than expected, stock is +4.5% premarket

– UNH, TSM, WFC, MS, GS, C, and more tomorrow.

Click here to get our (FULL) daily reports emailed to you!

E-mini S&P (June) / NQ (June)

S&P, yesterday’s close: Settled at 4393.00, down 16.00

NQ, yesterday’s close: Settled at 13,945.00, down 55.00

Bias: Neutral/Bearish

Resistance: 4431.75-4439.50**, 4447.50**, 4459.50-4466.75***, 4573.50**, 4483.50***

Pivot: 4414.50-4417

Support: 4393**, 4363.50-4380.25***, 4349**, 4320.25-4326.75***, 4253.75***

NQ (March)

Resistance: 14,099-14,105**, 14,175-14,197**, 14,312-14,327***, 14,447**, 14,498-14,540***

Pivot: 14,035

Support: 13,945-13,966**, 13,881**, 13,819-13,831***, 13,449-13,491****

Click here to get our (FULL) daily reports emailed to you!

Crude Oil (May)

Yesterday’s close: Settled at 100.60, up 6.31

– EIA expectations 0.863 mb Crude, -0.388 mb Gasoline, and -0.515 mb Distillates.

– Russian supply expected to fall 1.5 mb in April and 3 mb in May.

– Strong China Exports noted above, but specifically Imports of Crude Oil fell from 11.74 mbpd to 10.06 mbpd YoY. However, this was highly telegraphed over the last few weeks due to the virus. Also, China is seen as a very bullish factor for commodities, especially at lower prices.

Bias: Neutral/Bullish

Resistance: 104.79-105.13***, 107.58-107.80***

Pivot: 101.98

Support: 100.56-101.09***, 99.70-99.88**, 98.52-98.95***, 96.92**, 96.03-96.50**

Click here to get our (FULL) daily reports emailed to you!

Gold (June) / Silver (May)

Gold, yesterday’s close: Settled at 1976.1, up 27.9

Silver, yesterday’s close: Settled at 25.735, up 0.748

Bias: Neutral/Bullish

Resistance: 1986**, 2007.9***

Pivot: 1973

Support: 1965.5**, 1954-1958**, 1944.7-1948.9***, 1923.7-1924.9***

Click here to get our (FULL) daily reports emailed to you!

Silver (May)

Resistance: 25.77-25.88***, 26.16-26.18***, 26.68**, 27.50*** Support: 25.53-25.61**, 25.19-25.25**, 24.82-24.93***, 24.49**, 24.20-24.33***

Originally Posted on April 13, 2022

The support and resistance levels are created through our systematic and proprietary technical analysis and ranked by significance from 1 to 4 stars (****). 1-2 star levels are typically best focused on intraday or early in a session to help confirm momentum. 3-4 star levels are used to define a floor or ceiling in a market, a move and close above or below could signal a breakout or breakdown.

Our bias is our outlook for the underlying market, with 7 separate rankings from outright bullish to outright bearish.

Bullish – Outright bullish

Bullish/Neutral – Bullish the market but there may be technical/fundamental headwinds around the corner

Neutral/Bullish – relatively upbeat from a cautious standpoint 


Neutral/Bearish – relatively downbeat from a cautious standpoint

Bearish/Neutral- Bearish the market but there may be technical/fundamental headwinds around the corner

Bearish – Outright bearish

Disclosure: Blue Line Futures

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. The information contained within is not to be construed as a recommendation of any investment product or service.

Disclosure: Interactive Brokers

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Blue Line Futures and is being posted with permission from Blue Line Futures. The views expressed in this material are solely those of the author and/or Blue Line Futures and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

In accordance with EU regulation: The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.

Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

Disclosure: Futures Trading

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at