Here’s a nine-month chart of the iPath S&P 500 VIX ST Futures ETN (NYSE: VXX), which tracks the S&P 500 VIX Short-Term Futures Index Total Return and reflects the implied volatility of the S&P 500 Index at various points along the volatility forward curve.

The VXX offers inverse exposure to the broad S&P 500 basket of stocks. Basically, when stocks go up, the VXX goes down, and vice-versa.

The ETN has spent the last week probing its lowest levels of the year as the market’s current bullish run obviously favors greed over fear. So it’s not surprising that the VXX, which is essentially a derivative of the VIX, also known as the “Fear Gauge, is touching on low points for 2016.

Last week’s support line of $17.60 (see third gold horizontal line from the bottom) has been breached for the last 4 days, a level that had held up pretty well since last December. Along with the breach we see a new support level being established at $17.10 (second line from bottom.) Beneath that, last August’s level of $15.50, lowest line in the chart, most likely shall remain unchallenged this year.

For the moment, VXX looks like it is keeping the current 2-month bearish trendline intact, but with little room to run, a break from that line seems most likely.

In terms of resistance, $20.40 remains as the near-term number, but again, being a de facto proxy for market volatility, a big retreat from risk brought on by a string of early bad earnings could send VXX right up to its current 200-day MA, which sat at $21.64 as of Friday’s close.

The new over/under range is now 20.40/17.10.

VXX PayDayCycle Status right now sits at -3, as Friday’s close ended below yesterday’s. It’s now the 3rd day of red bars, so a bearish PayDayCycle could be established on Monday.

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For the 3rd consecutive day, the MACD ended the red, establishing bearish momentum. VXX still remains above zero, leaving it technically in bullish territory.

Overall, though VXX continues to probe towards the bearish side, it is in historically low territory. With multiple factors in play, such as Q1 earnings and potential commotion in the oil sector, the VXX likely has far more room to run up then it does to drop down.