"The big thing to watch is the tone and communication from policy makers in China. At this point, the macro data has not deteriorated to the point people feared. The challenge is figuring out what leadership wants to do," Moore said.
Northern Trust Wealth Management CIO Katie Nixon also believes China is a concern and what went wrong last year could go wrong again in 2016.
"Our key risk case remains a hard landing in China. Thus far, we interpret recent events as more market-driven than reflective of a drastic change in Chinese fundamentals," Nixon said.
The Dow, S&P 500 and Nasdaq are up more than one percent during trading. The Shanghai Composite closed higher.