Statwise and putting BIASED opinions aside here are the Best Actress scenarios this year:
Emma Stone hit all the required precursors, in the BP-frontrunner/possible sweeper, two-time nominee, and in the right age/moment to win an Oscar. She just need to win SAG and the Oscar is hers, hopefully La La Land missing ensemble will help her win for the film. Also: she won the AACTA Award for Best Actress where 4 in the last 5 years eventually won the Oscar. I have been betting my money on her since the beginning.
Natalie Portman hit all the required precursors, BUT already won just recently, did not get a single Trifecta mention, in a film that lost a LOT of momentum, will probably not be nominated in other big categories (BP, Screenplay). And the LAST BA winner without winning the Globes was in 2001, 15 years ago

Her chances are not dead but she needs to win SAG which is less likely.
Isabelle Huppert is more in the middle ground. She's a foreigner in a foreign-language film that was snubbed by the Academy. She DID NOT GET a SAG nomination, and THERE WAS NO BEST ACTRESS WINNER that missed a SAG nomination. She will likely be snubbed by BAFTA too because her film is ineligble.
So yes, the odds are in Emma's right now!