As expected, global markets continue to trade very subdued with negligible volumes (overnight the Nikkei traded 40% below its 20DMA) in the quasi-holiday week in which as Nanex showed earlier, this morning the E-mini is the 8th most actively traded future (where it usually is #1 or #2).
S&P500 futures are 8th most actively traded since midnight (usually #1 or 2)1) Crude2) EuroFx3) Gold4) Copper5) Yen6) Brent7) FTSE
— Eric Scott Hunsader (@nanexllc) December 28, 2016
And, as JPM's Adam Crisafulli notes in the "early look at the market", it is indeed a very quiet morning, however as JPM also warns that may change quite soon as the largest US bank reiterates a now familiar warning. To wit:
Market update – it is a very quiet morning so far w/sparse news as markets wind down for the year. Other than the Japan Nov IP data (which was strong), the QCOM South Korea fine, and solid US holiday spending indications, there were no major headlines overnight. The fate of US (and global) markets will rest on the realization of the Trump/Ryan agenda – anticipation and hope of the GOP platform continues to underpin sentiment and stocks but there appears to be stark differences between investor expectations and the likely reality (esp. as it pertains to corporate taxes and infrastructure spending) and this represents a major equity risk during the opening months of 2017.
Wait, what's a "risk"? Anyway, for now the only question on traders minds is not what happens in the opening months of 2017 but what happens first: Dow 20,000, or Bitcoin $1,000.