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Daily Spot…
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Having held its 1.1330 pullback limit Friday, closing back above 1.1370 would signal a new upleg underway. It was probed overnight up to 1.1380 but still being tested through the afternoon.
Gold Feb Contract (GC, ETF: (GLD))
Sunday night’s rally gapped up Monday to ~1235.00 prior highs and added $5-6 intraday. A second consecutive higher close Tuesday would overcome the bearish distributive pattern that had been forming but never was confirmed.
Silver Mar Contract (SI, ETF: (SLV))
Monday’s gap up above last week’s ~14.45 highs probed another dime higher intraday to fill a 2-week old gap. The gap held, but closing higher Tuesday would undermine the bearish bigger picture.
30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Sunday night to 140-06 was recovered through Monday morning to fresh highs at 141-06. The previous range does qualify as multi-session. So, closing higher Tuesday would confirm a breakout underway.
Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
It’s premature for gapping up to launch a durable rally, but Monday’s gap up is in-line with the pattern. The gap should be filled, and preferably not minimally, before a new upleg would be credible.
Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping down Monday below the 4.44 buy signal filled a gap back down to 4.33, which held, but must still recover 4.44 to reinstate the rally.
Mid-day Update… The next step is pivotal. Literally.
Pivotal correction forming. Has Globex-flip lapsed?
The open tested the 2798.00 earlier Globex low, indicating the morning would trend down. It didn’t hold. 
The 61.8% retracement between the opening print and Friday’s cash session close was touched at the 2773.50 low. It held.
Bouncing into the afternoon bias environment came within 1 point of its 2791.25 bias-up target. Being a bias-up environment, its 2784.50 bias-up signal should define the window’s lower-end — at least requiring its retracement if probed below. It’s being probed below.
We prefer that an objective be met to within at least 3 ticks, or else it becomes “unfinished business.” So, 2791.25 will become unfinished business above if not met. While coming within only 4 ticks isn’t optimal, it’s not a deal killer if momentum wants to reverse down. And currently a reaction down is testing 2780.00.
Only the noon hour has rallied, not the afternoon bias environment. We’re not yet assured that the bearish Globex-flip won’t be influential tomorrow morning, too, targeting 2763.00.
Look ahead: Economic Calendar – for Tue Dec 4, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: One low-profile non-influential econ report is scheduled Tuesday, and one Fed speaker. Afternoon volume and volume need not contract substantially ahead of Wednesday’s closure for honoring the late President Bush. But the environment may not be conducive to trading… Remember that I’ll be away from the screens from late-morning on.
Redbook
8:55 AM ET
*John Williams Speaks
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
8-Week Bill Auction
11:30 AM ET
52-Week Bill Auction
11:30 AM ET
Afternoon Bias
| MON afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 2784.25 | 2784.50 |
| …would target | 2791.00 | 2791.25 |
| Bias-down: under | 2773.00 | 2773.25 |
| …would target | 2766.75 | 2767.00 |
| Signal status: BIAS-UP | . | |
| NEW: BIAS VIDEOS… INTRO // EXAMPLE | ||
1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target.
2. Not triggering either bias signal at 1:20 would be “no-bias,” and the bias signals should define the bias environment’s range.
— A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias.
3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal.
— “Late” signals don’t require testing the opposite bias signal, but it’s still likely.
4. Still testing the bias signal at 1:30 after invoking the grace period would trigger “noN-bias,” with no bias influence.
Post-open Review… Up, a lot (but a little less).
Open breaks under the overnight range.
Having probed Friday’s high overnight, exiting the open under the earlier Globex low would trigger a Globex-flip setup. 
The 2814.00 overnight had reacted down to test the 2798.00 earlier Globex low down to 2795.00. So, the Globex-flip setup had formed.
But did it trigger?
The 2798.00 earlier Globex low was still being overlapped as the opening 15 minutes of volatility lapsed at 9:45. The setup has no grace period, but it’s optimal to have resolved by then. Price soon collapsed down to 2785.00, and its reaction up didn’t threaten to recover 2798.00 (it was just attacked, much later, to within 2 points).
The Globex-flip setup’s influence would point down through this morning — and if not already reversing up through this afternoon, then down through at least tomorrow morning, too. The minimum likely near-term objective is 2784.00 (now being tested down to 2781.25), and for having delayed its test, probably also 2773.50.
Otherwise, back above 2795.50 would start to signal the bearish setup’s influence was overwhelmed, targeting a retest of overnight highs.