I am seeing a real mix of studies right now.  The one below makes a short-term argument for the bears.  It examines the unfilled gap pattern that emerged in the SPY on Friday.   The study was last shown in the 10/28/11 subscriber letter. I ran it again this weekend.

The number of instances is a bit low, but the consistency is strong enough and the statistics lopsided enough that I think it is still worth taking the study under consideration.