Instances are a little low but initial results here appear quite bearish. As I note below the chart I also included a column showing the max losing trade. While it is very large, it was not just one outlier, but 3 extra large decliners that cause the average trade to look so weak. Note though that even 2 days out, prior to the extra large declines taking place, the edge still appeared fairly bearish.
Of course the market appears ready to gap up big this morning. There is certainly the possibility that a large gap up could trigger a short-selling rally which would run overrun the inclinations of this study.