For investors seeking momentum, Invesco QQQ (QQQ Quick QuoteQQQ - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 28% from its 52-week low price of $140.18/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:

QQQ in Focus

This ETF offers diversified exposure to 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. It has key holdings in information technology at 60.9% while consumer discretionary makes up for 22.8% share. The fund charges 20 basis points in annual fees (see: all the Large Cap ETFs here).

Why the Move?

The large-cap space of the broad U.S. stock market has been an area to watch given that Wall Street has resumed its rally on signs of cooling trade tension between the United States and China. Optimism has also renewed on high hopes for the Q2 earnings season and rounds of upbeat data, which reflects a strengthening economy. In particular, the technology surge is instilling confidence.

More Gains Ahead?

QQQ has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>