Update (2020ET): And there it is: for the first time since the financial crisis, the S&P future has hit the limit down band of -5%, something it failed to do even during the May 2010 flash crash. This means that no more trade are allowed below the limit down level until the market opens at 9:30 am ET. Of course, trades higher are still permitted, however that will probably not be a great comfort to all those who continue to liquidate with reckless abandon. That said, with the S&P now down more than 17% from its all-time highs just two weeks earlier, those who want to sell will have ample opportunity to do so in the days ahead. FULL UPDATE
