"Circuit breaker" kicks in on US equity futures when E-mini futures fall 5%.

ES is S&P500 futures.

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


So, in summary:

  • 5% up-and-down limits
  • effective 5:00 p.m. - 8:30 am CT, Sundays through Fridays