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Momentum ETF (SPMO) Hits New 52-Week High
S&P 500 Momentum Invesco ETF (SPMO - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 48.5% from its 52-week low price of $66.52/share.
Are more gains in store for this ETF? Let us 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
The underlying S&P 500 Momentum Index tracks the performance of stocks in the S&P 500 Index that have a high momentum score. The product charges 13 bps in annual fees (see: all Style Box - Large Cap Growth ETFs here).
Why the Move?
Wall Street gained last week on the Gaza truce and solid bank earnings. Cooling inflation and moderate retail sales sparked hopes for a dovish Fed in the near term. As a result, this momentum ETF hit a 52-week high lately.
More Gains Ahead?
SPMO it might continue its strong performance in the near term, with a positive weighted alpha of 40.51 (as per Barchart.com), which gives cues of a further rally.