Both the SPY(-2.32%) and QQQ(-3.05%) gained another sell-off day. A sell-off day happens when a stock, or security, closes lower than its previous close on a higher volume. The SPY(-2.32%) currently has four sell-off days in a two-week timeframe. That means there may still be room for more of a decline.
As far as strategy is concerned, if your stocks sold out, there is nothing wrong with remaining liquid (cash) on the sidelines until the decline is over. As we know, what defines a market decline is when most significant stocks in the market are decreasing in price.