Sunday’s open triggered a limit halt as the futures markets plunged, the S&P fell as much as 5%, the Dow fell more than 1,200 points (4.9%) and the Nasdaq is currently down 4.8%. This came as OPEC and Russia could not strike a deal regarding production cuts, this caused Saudi Arabia to cut its prices as it is ramping up production. We could see an all out price war here.
The futures markets are still halted. What is a halt? Well, the CME group has these provisions in place to prevent major fluctuations in the futures market. During US trading hours, there are downside limits. Non-US trading hours there are hard upside and downside limits. These halts start in the overnight session at +/- 5%, during the US session there are three levels, lvl 1, 7% decline, lvl2, 13% decline, and lvl 3, 20% decline.
No calendar events or stocks to watch!!!
A look at the chart: