"Given the last few days' setup, we may retest recent lows at 2035 before the 2010 level becomes apparent," Luschini wrote to CNBC. The S&P closed Wednesday at 2,061.
"The market is far from oversold, so it could have further to go before we might expect to see even a counter-trend bounce," he added.
Of course, not everyone is that bearish.
"At some point the market will not reward dip-buyers, and we will face a more serious correction," said Jonathan Krinsky, a technician with MKM Partners. "At this point we are not ready to anticipate that, but we will of course be watching for signs that 'it's different this time.'"
Stocks indeed fell further on Thursday. Yet the S&P managed to end the day off of the lows set in the morning, so the phenomenon did not repeat for a fourth straight session.