For investors seeking momentum, SPDR S&P 500 ETF Trust SPY 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 FocusSPY 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 and Microsoft MSFT (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 and McDonald MCD 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.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 >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report SPDR-SP 500 TR (SPY): ETF Research Reports Caterpillar, Inc. (CAT): Free Stock Analysis Report McDonald's Corporation (MCD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report