SPY is currently (9am pre-open) trading below the close of the last 2 days – both of which were up days. Below is a study that shows how the market has performed open to close when this has occured in the past.
The consistent downslope acts as confirmation of the bearish edge.
One other note: I also checked to see how many instances occured when the close of 2 days ago was a 10-day low (like now). There was only 1. It was 1/20/09. It was the “worst” performer, losing about 4.3% from open to close. Even if we sell off, I’d be very surprised to see that duplicated.