For investors seeking momentum, Vanguard S&P 500 ETF (VOO Quick QuoteVOO - Free Report) is probably on radar. The fund just hit a 52-week high and is up 30.8% from its 52-week low price of $335.37/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

VOO in Focus

VOO invests in stocks on the S&P 500 Index, representing 500 of the largest U.S. companies. It has key holdings in information technology, consumer discretionary, healthcare, financials and communication services. The product charges 3 basis points in fees (see:all the Large Cap Blend ETFs here).

Why the Move?

The S&P 500 Index has been an area to watch lately given that it reached the 69th record close of the year. Strong holiday sales bolstered investors’ confidence, underscoring the strength of the economy that defied fears from the new variant of COVID-19 and inflation. Holiday sales surged the most in nearly two decades powered by soaring ecommerce sales as well as rush to stores amid supply chain concerns, rising inflation and the raging new COVID-19 variant.

More Gains Ahead?

Currently, VOO has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting continued outperformance in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.