Not an active market but thin markets do not prevent more ATHs as this bullish momentum continues to reward the dip buyers.
Rotation, less market participants, and an unusually high VIX could keep this market frothing & fizzling, bubbling for days, weeks, even months but the big drop is ahead. If not a 15 to 20% then many 3 to 5 % pullbacks until the big one.
I am flat except for NQ daytrades and will trade lightly until Jan 2nd 2021. However, I will start building a new QQQ PUT position at least two option periods away.