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.