JNJ is looking like a solid defensive play right now. Tech’s getting hammered this month (XLK down 8.6%) and healthcare’s soaking up that rotation, XLV up 6.1%. JNJ’s beta is basically nothing (0.235) so it’s one of those “hide here while the tape sorts itself out” names.
Price is around $248, sitting above both the 50 and 200 day, MACD’s still bullish, RSI’s neutral at 50 so it’s not overbought. Thinking entry around $246.50-$249.50, target low $260s, stop under $237. Not a huge R/R but the setup’s clean and it’s a 1-2 week hold, not a forever position.
Anyone else rotating into healthcare right now?