Heat oven to 350 degrees F . Coat a 2-quart oval or 13 x 9 x 2-inch baking dish with nonstick cooking spray. In a medium-size bowl, mix milk, cinnamon and nutmeg. Beat in egg yolks. Set aside.
In a medium-size saucepan, melt butter with brown sugar over medium-low heat (be careful not to brown the butter). Set aside to cool slightly.
Without removing crust, cube or break bread into approximately 1-inch pieces. Spread bread evenly into prepared dish, and toss with chocolate chips and pecans. Pour milk mixture over the bread, and gently press down on bread to absorb milk mixture.
Whip egg whites into soft peaks. Fold into brown sugar-butter mixture (the whites will deflate somewhat). Pour over the top of bread; gently press and spread out with a spoon or spatula to cover dish.
Bake at 350 degrees F for 30 minutes. Rotate pan and bake another 15 to 20 minutes, or until the top is crisp but still moist underneath (inside of pudding should register at least 160° on an instant-read thermometer). Serve hot, with whipped cream or ice cream; dust top with confectioners sugar, if desired. Makes 8 servings.