Both SPY and QQQ still have positive divergences on the intraday time frames (5-60 minute charts, 15-min shown here) which increases the odds of a tradable rally soon until/unless the divergences are taken out.
SPY 15m Aug 16th
QQQ 15m Aug 16th
At this time, it still appears that more downside in the major stock indices is likely in the coming weeks to months (intermediate-term) although the odds appear favorable for a near-term rally of 3-5%.