So far JNJ is outperforming the SPY as staples are a defensive play during uncertain markets. But if JNJ fails to break above my 170 yellow zone (also BO of the black falling wedge) in the next few days then a retest of the 163 green support zone is next. 163 is also a 1.272 Fib zone & also a retest of the blue upchannel base. This is an ideal spot to end the M-pattern to start a new uptrend validating the blue upchannel. Although less probable for the near term, a retest of the 157 red zone may occur if the blue channel breaks as this is the upper side of a big red channel started in 2004. Not trading advice
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