With the SPY looking to gap up over 2.5% this morning below is a quick look at all other instances since 2003 when SPY gapped up over 2% immediately following a 20-day low.
Low number of instances, but the suggestion is obvious. I would note, though that although they all finished higher, they also saw some substantial pullbacks from the opening price.
[...] Note support at $119.40, then at $118.80. Also, a nice large gap study by Rob Hanna — http://etfprophet.com/2-gaps-off-of-20-day-lows/ [...]