For investors seeking momentum, Invesco S&P 500 Momentum ETF (SPMO Quick QuoteSPMO - Free Report) is probably on the radar. The fund just hit a 52-week high and is up about 37% from its 52-week low price of $51.67/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 of where it might be headed:

SPMO in Focus

Invesco S&P 500 Momentum ETF measures the performance of stocks in the S&P 500 Index that have a high "momentum score.” It charges 13 bps in annual fees (see: all the Large-Cap Growth ETFs here).

Why the Move?

The momentum corner of the broad investing world has been an area to watch lately, given the rise in the stock market. Momentum investing is an investment strategy that aims to capitalize on the continuance of an existing market trend. It involves the purchase of assets that have been showing an upward trend in price or selling assets that have been showing a downward trend, with the expectation that the trend will continue. As such, investors can potentially achieve high returns by buying stocks in an uptrend and selling them when they show signs of a reversal.

More Gains Ahead?

SPMO might remain strong, given a weighted alpha of 35.20 and a higher 20-day volatility of 12.34%. There is definitely still some promise for investors who want to ride on this surging ETF.