If DIA breaches the midpoint support at 178.99 (see inset) decisively by falling into the range 178.40-178.60, let’s plan on mechanically shorting any subsequent bounce back up to the midpoint.  We’ll use eight June 26 175 puts and a stop-loss based on the underlying trading 179.75 or higher.  The target would be 176.72, and if there’s an opportunity to spread off the puts on a sharp decline, we’ll attempt to do s on-the-fly. _______ UPDATE (10:23 a.m. EDT): DIA opened on 1.22-point gap lower, so the only chance to have gotten short was on Friday. We’ll take that into consideration the next time.  Trend and target remain as predicted. _______ UPDATE (June 16, 8:17 p.m.): Yesterday’s Whoopee Cushion bounce rendered the downside target useless for the moment, even if it remains theoretically viable. DIA was bullishly impulsive at the bell, but if there’s little follow-through, we shouldn’t be too terribly surprised.