On CNBC's "Trading Nation," Michael Binger of Gradient Investments said he expects mostly inline retail sales this week with a bias towards a slight disappointment. He also finds consumer sentiment slightly weak due to the delta variant, but he is still pretty positive on consumer spending.

Ari Wald of Oppenheimer is bullish on AutoZone, Inc. (NYSE:AZO) because the stocks in the automotive retail industry are showing some relative strength. He said the stock has bottomed in the first quarter of this year and it has reversed its downtrend. Ward expects to see new highs for the stock over the coming weeks and months.