The S&P 500 isn't making new highs.

"That could be a little worrisome," said John Eade, CEO of Argus Research, adding that he still expects the S&p 500 to cross 3,000 by year-end, amid 18-20% earnings growth. "Valuations are reasonable."

The 2018 high for the S&P 500 is 2,873, reached in late January. 

Meanwhile on Friday, Honeywell (HON) and General Electric (GE) release earnings. Eade views Honeywell as more of an economic bellwether than GE.

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