With the S&P crashing more than 4% (with CTAs yet to start selling), it's time to refresh on how low the index can (and will) fall before circuit breaks kick in. Per the CME:
- 7%, 13%, and 20% price limits are applied to the futures fixing price and are effective from 8:30 a.m. CT – 2:25 p.m. CT. Mondays through Fridays. From 2:25 p.m. to 3:00 p.m. CT, only the 20% price limit will be applied to the futures price fixing.
Translated into market levels, this means that if spoos drop below 5,000 it's going to get very quiet...
