For investors seeking momentum, SPDR S&P 500 ETF Trust (SPY Quick QuoteSPY - Free Report) is probably on radar now. The fund just hit a 52-week high and is up roughly 19% from its 52-week low price of $208.38/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:

SPY in Focus

SPY is the largest and ultra-popular ETF targeting the broad U.S. stock market. It seeks to match the performance of the S&P 500 index and is lightly skewed toward information technology, while healthcare, financials, consumer discretionary and industrials also make up for double-digit exposure each. The fund charges investors 9 basis points a year in fees and has top holdings in Apple (AAPL Quick QuoteAAPL - Free Report) and Microsoft (MSFT Quick QuoteMSFT - Free Report) (see: all the Large Cap ETFs here).

Why the Move?

The broad U.S. stock market has been an area to watch lately on strong earnings momentum. Better-than-expected earnings from Caterpillar (CAT Quick QuoteCAT - Free Report) and McDonald (MCD Quick QuoteMCD - Free Report) and the surge in their share price pushed the S&P 500 index to another record high. Additionally, the Fed’s accommodative stance is also fueling a rally in the stocks.

More Gains Ahead?

Currently, SPY has a Zacks ETF Rank of 2 or ‘Buy’ rating with a Medium risk outlook, suggesting 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.

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