S&P
Market Wrap (recording & summary)
Saturday Review had updated the bigger picture decline, and Friday’s effect on resuming it this week. 
Sunday night was a bit deceptive, bouncing 13 points to attack 2617.00 before Europe’s opens. Breaking lower to greet Monday’s open down 11 points at 2593.00 became even more explicit by plunging post-open to 2571.00.
Bouncing back up to 2606.00 probed back into Friday’s range and into positive territory. But stopping ticks short and minutes late of rejecting the morning’s drop made the entire bounce a refueling of sellers. Their reward for fresh lows was fulfilled coming out of the noon hour, and their likely target at 2555.00 was met going into the final hour.
Such a big bounce during the morning, and potential recovery, only to retrace entirely. Such a slow descent as fresh lows relentlessly dipped lower and lower. Excessive optimism above, ineffectual optimism below. Both being bearish from a contrarian perspective.
Another corrective bounce could test 2595.50 without suggesting momentum is met down to 2533.50, while 2530.00 remains outstanding, probably on the way down to testing 2500.00.
Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.
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 Mar Contract (EC, ETF: (FXE, UUP))
Friday’s gap down within the prior low’s range allows a rally to begin without delay. Sunday night’s rally into “higher prior lows” would be credible for extending into a recovery if followed by a second consecutive higher close Tuesday — especially above 1.1470.
Gold Feb Contract (GC, ETF: (GLD))
Friday’s dip down to 1237.00-1240.00 support had held through the close, enabling at least a corrective bounce up to last week’s 1254.50 high. Meanwhile, breaking back under 1240.00 would invalidate the bounce and signal a new downleg underway.
Silver Mar Contract (SI, ETF: (SLV))
Sunday night’s bounce attacked Friday’s break under uptrending support at 14.71. Monday probed above it, still facing resistance at the gap back up to Thursday’s 14.83 close.
30-year Treasury Mar Contract (US, ETF: (TLT))
Still fluctuating Monday between the 141-24/143-08 buy and sell signals gravitated higher to at least touch the buy signal Monday, still needing to trigger or else react down aggressively.
Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The ongoing range persisted coming out of the weekend, still likely to probe a fresh low momentarily for its rubber band effect to snap back up into a rally leg.
Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Greeting the weekend by breaking to fresh lows in this product tends to persist coming out of the weekend, which was done by gapping down even lower Sunday night. Trending down sharply intraday to 3.54 offers an opportunity to form a bottoming pattern, still having intraday risk down to 3.33.
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Mid-day Update… Big refueling rolls over.
Post-open bounce gives decline a lot of leeway.
Gapping down to the morning’s 2593.75 bias-down signal and extending to 2571.00 had apparently gotten ahead of itself. 
Its reaction had room up to the morning’s 2606.50 bias-up signal while still being likely to resolve down — rewarding sellers for absorbing the post-open bounce — as much as punishing the bounce for not gaining traction .
The bounce got to within 1 point of 2606.50. It was retested at noon, and held. The noon hour trended back down to eventual probe the morning’s low by 1 point of 2569.50.
This afternoon’s 2588.00 bias-down signal has triggered, and its 2580.25 bias-down target is exceeded at 1:20 to renew the bias-down. Its next lower objective is essentially 2555.00, although probably encountering 1-2 support tests along the way down.
Not yet extending down during the bias environment wouldn’t be bullish, unless the window were exited back above its 2580.25 bias-down target. That could produce another oversold corrective bounce ahead of tomorrow’s FOMC meeting. But no bottoming pattern is yet in sight.
Look ahead: Economic Calendar – for Tue Dec 18, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Tuesday’s calendar isn’t very busy as the FOMC meeting gets underway.
Housing Starts
8:30 AM ET
Redbook
8:55 AM ET
Afternoon Bias
| MON afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 2604.25 | 2608.00 |
| …would target | 2613.50 | 2617.25 |
| Bias-down: under | 2584.00 | 2588.00 |
| …would target | 2576.25 | 2580.25 |
| Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED | . | |
| 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.