If I hold 2 positions overnight, why does my account have to have 2700 dollars to cover? Can someone please simply explain to me what this means? Thanks!
Check www.cme.com for overnight margins. Last time I checked the overnight margin requirement for 1 E-mini SP 500 futures contract was $3500. Most brokers charge between $300 and $1750 per contract for intraday only margin. For most brokers once the position is held after 3:45-4:15 Eastern Standard Time you must have the overnight margin requirement in your account.
Maintenance margin is slightly less for positions already held (which would apply in your case), as opposed to initial margin for opening a position.
May or may not be true. Depends on brokerage and/or clearing firm. Would be true only if broker/clearing is willing to (potentially) go at risk for initial overnight margin requirement on a position that was opened based on day-trade margins. Also FWIW, most brokers will allow 5 business days for adding funds needed for such underfunded situations. After that, you're likely out of business.