Overnight trade (Sunday evening in this specific case)
(For those extra sharp, yes 'Globex' trade is the only CME trade since the floor has been shut in response to coronavirus - limiting efforts. No pit trade for now, all screen, all the time).
This is not the first limit down move of the evolving crisis, a reminder on what the limit move means:
Limit down means the contract is not allowed to move down more than 5% in overnight
- that is, there can be no trades lower until 9:30 am NY time
- trade above the lower limit is permitted
- that is price can trade up, just not any further down---
- in this instance what that means is the ES cannot by trade below 2555.50 until the stock market opens at 9:30am ET. It can trade higher at any time.
- 5% up-and-down limits
- effective 5:00 p.m. - 8:30 am CT, Sundays through Fridays
If there is much more than this it might prompt the Fed to cut … oh … wait … Just kidding, the plunge has occurred after the FOMC has already cut on an emergency basis on a Sunday evening
- Federal Reserve acts on a Sunday evening to slash rates to near zero
- BoE Carney and Bailey comment on the coordinated global central bank cuts
- Here is the ECB on the global central bank co-ordinated move
- The Federal Reserve (and coordinated global actions) at a glance - what it means
