Spencer Platt/Getty

If you put money to work before Thanksgiving, you're in the driver's seat. Let's look at a few charts to see why.

First, let me note that I wrote on Nov. 20 for our premium site Real Money"If you kept your powder dry, then you have some funds to put to work in the market. This is not a buy that will see prices rally to new heights, but it should be a respectable year-end rally. [And then] 2019 will see the bear return."

This daily bar chart of the S&P 500 stock index, shows a number of clues and signals as to why that's still true:

First, you'll note that the S&P 500 saw a low in October and a retest of that level in November. But the index is now set to test the highs of this pattern, as seen in the white horizontal line above at about the 2,825 level.

A close above the line would be a clear breakout and yield an upside price target around 3,000, the height of the pattern projected upward from the breakout. Price momentum (the lower panel above) has also turned up, while the S&P 500's 20- and 50-day averages are moving toward a bullish crossover.

In this line chart of the NYSE Cumulative Advance/Decline data, we can see a bottom reversal and positive momentum. The a/d line is ready to break out of its pattern:

Lastly, this point-and-figure chart of the S&P 500 gives us a downside price target of 2,408, but also shows that a rally to 2,841.64 would represent a so-called "double-top breakout" that should prompt a bullish price target:

The Bottom Line

A week or so ago, there was panic in the street and some traders thought Chicken Little had replaced Tom Turkey.

But now that prices are surprising traders on the upside, we can carry up on the charts until the champagne goes flat.

(This column originally appeared aon Real Money, our premium site for active traders. Click here to get great columns like this from Bruce Kamich, Jim Cramer and other writers even earlier in the trading day.)

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