For investors seeking momentum, Invesco QQQ (QQQ Quick QuoteQQQ - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 34.91% from its 52-week low price of $382.66/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:

QQQ in Focus

The underlying Nasdaq-100 Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. The product charges 20 bps in annual fees (See: All Large Cap Growth ETFs).

Why the Move?

Nasdaq has been an area to watch lately, given the dovish stance of the Fed, and interest rate cuts in September and November. Increasing market expectation of another interest rate cut in December is acting as a key tailwind for the fund.

Cyber Monday sales also bode well for the fund, as online shopping heavily depends on robust technology infrastructure.

More Gains Ahead?

Currently, QQQ has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook and it might continue its strong performance in the near term, with a positive weighted alpha of 30.21 (as of Barchart.com), which gives cues of a further rally.