For investors seeking momentum, First Trust Consumer Discretionary AlphaDEX ETF (FXD Quick QuoteFXD - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 29.42% from its 52-week low price of $46.74/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:

FXD in Focus

The underlying StrataQuant Consumer Discretionary Index employs the AlphaDEX stock selection methodology to select stocks from the Russell 1000 Index. The fund has major exposure to the travel and leisure industry with 25.15%, followed by retailers with 23.60%. The product charges 61 bps in annual fees (See: All Consumer Discretionary ETFs).

Why the Move?

The consumer discretionary corner of the broad stock market has been an area to watch lately. The National Retail Federation anticipates that the total expenditure by consumers on Valentine’s Day in the United States will approach $26 billion. Expenditure on gifts for significant others is projected to hit a new milestone of $14.2 billion, marking an increase from the $13.5 billion reported in the previous year.

Several factors, including robust quarterly earnings, economic resilience and a surge in the technology sector, have contributed to this trend.

More Gains Ahead?

Currently, FXD has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 15.80, which gives cues of a further rally.