0DTE Market Map: SPY, QQQ, IWM & AMZN — September 9, 2026

The 0DTE tape

During the September 8, 2026 session, the market exhibited a downward drift relative to opening prints across the major indices, while AMZN managed to post a positive change from its open. The 0DTE setup ledger highlighted a challenging, highly mean-reverting environment for directional expansion. The SPY bullish failed breakdown trap and the IWM bearish failed breakout trap both resulted in stopped-out trades. Meanwhile, the IWM bullish opening drive reversal and the QQQ bearish EMA pullback continuation trades both concluded via time stops, underscoring the lack of sustained intraday follow-through.

This choppy behavior aligns with the performance of preceding sessions. On September 4, bearish setups on IWM (failed breakout trap) and QQQ (EMA13 rejection) both ended in stopped-out results, while SPY's bearish failed breakout trap hit a time stop. On September 3, the ledger was similarly dominated by time stops across both bullish and bearish setups on QQQ, SPY, and IWM. This pattern of frequent stops and time stops suggests a market struggling to establish clean, trending expansion away from its opening ranges, emphasizing the importance of waiting for clear level confirmations.

SPY levels

• Open: 769.07
• High: 769.70
• Low: 765.14
• Close: 765.94 (-0.41% from open)
• VWAP: 767.06
• Opening 30m Range: 766.82–769.70

QQQ levels

• Open: 720.91
• High: 721.89
• Low: 715.57
• Close: 718.38 (-0.35% from open)
• VWAP: 718.97
• Opening 30m Range: 716.28–721.89

IWM levels

• Open: 295.34
• High: 296.10
• Low: 294.26
• Close: 294.68 (-0.22% from open)
• VWAP: 295.17
• Opening 30m Range: 294.26–295.64

AMZN levels

• Open: 256.68
• High: 257.99
• Low: 254.75
• Close: 256.95 (+0.11% from open)
• VWAP: 256.62
• Opening 30m Range: 254.95–257.69

Scenarios for the next session

To navigate the upcoming session, traders can monitor how price interacts with these historical levels using Whalor’s established setup structures.

Bullish Scenarios

• Failed Breakdown Trap: If SPY tests the prior low of 765.14, QQQ tests 715.57, or IWM tests 294.26 and fails to hold below, look for a 5m failed breakdown and 1m reclaim of these levels to confirm a bullish support trap.
• Opening Drive Reversal: Should AMZN wash out below its prior low of 254.75 or its 30-minute opening range low of 254.95 immediately at the open, a rapid reclaim of these levels on the 1m chart would signal an opening drive reversal to the upside.
• EMA Pullback Continuation: A sustained break above the previous session VWAPs (SPY 767.06, QQQ 718.97) that leads to a supportive trend could offer entry opportunities on a 5m 21EMA or 13EMA pullback and hold, confirmed by a 1m pullback reversal.

Bearish Scenarios

• Failed Breakout Trap: If SPY rallies toward its high of 769.70, QQQ toward 721.89, or IWM toward 296.10, but fails to sustain the breakout, look for a 5m failed breakout and a 1m loss of the level to confirm a resistance trap rejection.
• EMA Pullback Continuation: If prices remain below the previous session closes and VWAPs, any upward retracements that reject key levels—such as the SPY VWAP of 767.06 or QQQ VWAP of 718.97—could trigger bearish setups. Traders would monitor for a 5m EMA rejection (like the 21EMA or 13EMA) followed by a 1m breakdown of the pullback low.
• Opening Drive Reversal: An initial spike at the open testing the high of the prior day's 30-minute range (e.g., AMZN 257.69 or IWM 295.64) that immediately rejects and breaks down on the 1m chart would confirm an opening drive reversal to the downside.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice or trade recommendations.

Verified prior-session levels

• $SPY: open 769.07, high 769.70, low 765.14, close 765.94 (-0.41% from open), VWAP 767.06, opening 30m range 766.82-769.70.
• $QQQ: open 720.91, high 721.89, low 715.57, close 718.38 (-0.35% from open), VWAP 718.97, opening 30m range 716.28-721.89.
• $IWM: open 295.34, high 296.10, low 294.26, close 294.68 (-0.22% from open), VWAP 295.17, opening 30m range 294.26-295.64.
• $AMZN: open 256.68, high 257.99, low 254.75, close 256.95 (+0.11% from open), VWAP 256.62, opening 30m range 254.95-257.69.