Bearish engulfing candles on index ETFs?

There are a bunch of bearish engulfing candles on the indexes so confirmation tomorrow will be something I am watching. Here is the daily chart for $DIA ... If you want short exposure on an index (for profit or a net long portfolio hedge**) I like this ETF because the stock price and the option price can move and gap a couple dollars in a few days. Plus the options are not outrageously priced even if there is a lot of market volatility . Trust me, you can get way worse (more expensive from implied volatility ) fills on the options of some of the individual momentum stocks in this index like $AAPL             $DIS $GS $HD $UNH etc.

So maybe a continuation lower the rest of the month re-testing that Monday crash low or the Lower Bollinger Band . Today was pretty hard bounce off the down trending 20 EMA and the middle basis Bollinger Band . The MACD is negative but it is trying to turn higher.

**Disclosure: Still "short" with one SEP 175 Put contract $3.84 fill on Aug 12th. It was originally a hedge on net long portfolio. Now holding through the daily trend change lower into next week's expiration.
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