S&P 500 futures have reached new highs, surpassing the February high and climbing above 6,166, driven by a strong tech sector and potential rate cuts. The geopolitical landscape has calmed, particularly with a ceasefire between Iran and Israel, contributing to increased investor confidence.

The prospect of Federal Reserve Chair Jerome Powell's early exit has fueled speculation of faster rate cuts. This has caused the US dollar to weaken and Treasury yields to decline as traders anticipate a more dovish Fed.

From a technical standpoint, the S&P 500 continues to rally. Key levels include the 127.2% Fibonacci extension at 6,150 and psychological support at 6,000. The potential target for this rally is 6,200, aligning with the 161.8% Fibonacci projection.

The tech sector, particularly chipmakers like Micron and Nvidia, remains the focal point of the market's strength, buoyed by AI-driven optimism. Nvidia has been instrumental in the rally, despite elevated valuations that could pose future risks.

In summary, while the market enjoys tech-driven momentum and diminishing geopolitical fears, potential challenges include high valuations and political uncertainty, especially related to fiscal policies.