With the ES, along with all other index futures halted limit down, the next question is how much lower would cash indices have to drop before the market takes a holiday. Here is the answer courtesy of Bloomberg Based on S&P 500 close 1970.89 on Fri. and Level 1 circuit-breaker trigger of 7% drop, S&P 500 would need to drop to ~1833 to set it off, rules posted on NYSE website say. Level 1 halt at 7% drop; Level 2 at 13% (S&P 500 at 1715 based on Fri. close), Level 3 at 20% (S&P 500 ~1577) Level 1 or Level 2 drop between 9:30am-3:25pm ET would result in trading halt for 15 minutes; Level 3 drop would halt trading for ... (full story)