we really like the pattern of consolidation followed by breakouts and thats exactly what youre seeing in retail he said pointing to a chart of the spdr sp retail etf xrt of those record makers several in the retail sector look like theyre just getting started jc ohara chief market technician at mkm partners told cnbcs trading nation on thursday more than 110 sp stocks including costco  tesla and advanced micro devices on thursday hit new highs along with the broader index the sp continued to climb friday its seventh straight day of gains its been a noteworthy week for the sp 500  no longer dead money the xrt has shaken off its overbought condition with the recent breakout which could stretch to some other names in the group ohara said two of our favorite retail names that have shown consolidation and are breaking out this week are bath  body works and tractor supply he said adding that both have room to run to the upside his target for tractor supply was 240 a share 10 upside from current levels another undertheradar catalyst could help boost retail into the close of the year ohara said conditions are prime to see a meltup into yearend he said predicting anywhere from a 47 rise for the sp that could spark short covering or when short sellers have to buy shares of a stock to close a failed short position in the heavily bet against retail space ohara said thats also why we like retail because we think theres going to be a meltup which means shortcovering rallies he said after the sps 62nd new high of the year sanctuary wealths jeff kilburg also expected stocks to grind higher through the end of 2021 were at historical highs on some of these specific names but were not at historical highs across the board on valuations kilburg his firms chief investment officer said in the same interview within retail kilburg warned on a name outside of the newhigh club i worry about under armour he said adding it has underperformed rival nike on a relative basis by 125 in the last three years if it did not do well and prevail when people were at home pressing their iphones buying products how is it going to do well now