Just a few quick charts as news are hitting the tape of China to seek WTO backing for sanctions on USA with respect to dumping duties. In 2013 China complained about USA dumping duties on several industries such as: electronics, metals, minerals etc.
SPX futures reversed earlier gains and is now approaching big short term support levels. The positive channel is still intact, but watch it carefully here. 2870 is the first support followed by the 2850 and later the 2800 levels.
NASDAQ futures also reversed gains and futures are down to the lower part of the trend channel as well. Note the 50 day moving average right around these levels. 7400 is a rather big level to watch.
VIX responded by a small spike on these news.