We have seen the overnight low in S&P futures. So there’s that

Early selling of S&P 500 futures triggered CME rules that prevent drops of more than 5% from the previous trading-day’s low.

Futures sank 5% to 2,819 at 8:05 p.m. ET, hitting their overnight limit. The contract can’t trade at a lower price for the remainder of the overnight session; transactions at or above that threshold are allowed.

The last time futures tripped the limit-down rule was Nov. 8, 2016, the night that Donald Trump won the U.S. presidency. After hanging around at the limit-down price for about 30 minutes, futures turned higher and ultimately went positive minutes after the opening of the regular trading.

Nasdaq futures will stop falling if the contract reaches 8,093.25. Dow futures trigger curbs at 24,534.

“It allows cooler heads to prevail, particularly in the overnight sessions it’s a good thing to have because you just don’t have as many products at work. This is one rule that it’s been so long since we have seen it, but it’s proved effective over time,” JJ Kinahan, chief market strategist at TD Ameritrade, told Bloomberg.

Once the market opens, NYSE circuit breakers work like this: trading halts for 15 minutes if the S&P 500 falls 7% (to 2,764) at any time before 3:25 p.m. ET. Another 15-minute pause is triggered if losses reaches 13% (2,586). If the decline hits 20% (2,377.9), markets will close for the day. With the exception of the final rule, circuit breakers are suspended during the final 35 minutes of trading.

https://seekingalpha.com/news/3549592-seen-overnight-low-in-s-and-p-futures