What Happened
- Equity futures opened modestly lower with no follow-through in thin trade.
- Rates and FX were steady, reflecting a lack of new catalysts.
- Oil held recent gains as traders waited for year-end flows.
What It Means
- The market is in a holding pattern, waiting for full liquidity to return.
- Small moves are more about positioning than fresh macro signals.
- Monday rebalancing flows are likely to set the next short-term direction.
What I Think
- I am not reading much into Sunday action beyond risk appetite staying calm.
- If futures stabilize Monday morning, the year-end bid can linger.
- Any downside break would likely be shallow given reduced exposure.
Market Terms
- Sunday open - The early futures session that often reflects limited liquidity.
- Rebalancing flows - Portfolio adjustments that can move markets around month-end.
- Positioning signal - Price moves driven by existing exposure rather than new news.