The attached monthly ES graph shows the Fibonacci clusters (A & B on the graph ) and the breakout of 1421.50 (C) which is part of the long term trend line that started at the historical maximum reached in March 2000 . Technical factors point to a continued rally that may reach 1505-1532. Retracements are allowed down to 1310. Momentum indicators, RSI and MACD converge with the price behaviour. We will need to see a breakout of 1310 to the downside, RSI oversold and negative MACD in order to confirm a change of trend. Good Luck !