The consumer discretionary sector ETF (XLY) has risen twice as much as the S&P 500 ETF (SPY) over the past three months. But technical analyst Todd Gordon of TradingAnalysis.com says the best is yet to come.
Gordon says that the ETF is currently in the throes of consolidation—but that such action has recent precedent.
"We saw a period of two-month consolidation back in December and January, which led to a nice breakout on the top side," Gordon said Monday on CNBC's "Power Lunch." "Here we are at it again, with the broader averages generally consolidating."