The one wildcard is earnings being released next Tuesday morning. JNJ is not a big mover and actually has pretty low implied volatility in the 20s. It usually does not move much off earnings and so the options market does not price in a move. This means you can get a relatively good deal buying options straight up.
You could either get in long here or wait for the breakout above 57.25.
Buy the August 55 calls for $2.60 or better. I would be cutting losses on this trade if JNJ got below 55 as this is a very strong support level. My target on this trade is the 59-60 level.
I like this trade as a defensive long position in an overall market that is fading lower.