NEW YORK (TheStreet) -- Dow component Johnson & Johnson (JNJ) beat analysts' earnings per share estimates by 12 cents, earning $1.66 a share when it reported earnings before the opening bell Tuesday. The large-cap pharmaceutical company also beat on revenue and raised full-year guidance.

While the Dow Jones Industrial Average set an all-time intraday high at 17120.34 this morning, J&J slumped to its 50-day simple moving average after leading the index until July 7.

Good news was thus priced into the company's share price upward momentum going into quarterly results. The stock set an all-time intraday high at $106.74 on July 7, which was a test of the weekly risky level at $106.61 that was shown in my pre-earnings covering all 30 Dow components posted that same day. J&J closed July 3 at $105.42 and was up 15% for the year to date on that date.

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Johnson & Johnson is not a cheap stock. It has a 12-month trailing earnings per share ratio of 18.6 with a dividend yield of 2.7%. The stock trades at 11 times book value.

Let's look at the daily chart:

Courtesy of MetaStock Xenith

Johnson & Johnson, which recently traded around $103, opened Tuesday above its 21-day simple moving average at $104.84, then traded as low as $102.77, holding its 50-day simple moving average at $102.88. The stock is well above its 200-day simple moving average at $95.75. Daily 12x3x3 daily slow stochastic declined to 52.00 on a scale of 00.00 to 100.00.

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