Master Cylinder, the piston in there is passing through the fluid.
When you press on the pedal, does it drop to the floor on the first press, but if you release it and press it again, the pedal becomes more firm?
If so, I'd suspect the master cylinder.
Otherwise, there is a leak in the ABS pump that allows the fluid to be bypassed there.
If you are guessing, guess with the least expensive components first.
TB
ps, when you say the ABS light never comes on, do you mean ever? It should come on when you first turn the ignition switch to the on position as part of the bulb test. If it never comes on, then perhaps there is a fault in that system.
If you mean it never comes on while using the brakes, then that is a different issue.
So you should check that light to make sure it's working. Turn the key on and see if the ABS light is on for 3-5 seconds. If it doesn't turn on, there is something wrong. Check your owners manual for the details on how this light works and what lights should come on when you turn the key.
tb