0DTE Market Map: SPY, QQQ, IWM & AMZN — September 16, 2026

The 0DTE tape

The session of September 15, 2026, was marked by downward intraday expansion across major indices and AMZN. In recent Whalor 0DTE setups, execution outcomes have faced challenging conditions. On September 15, the $SPY BULLISH opening drive reversal setup (incorporating an opening drive washout reversing, opening drive down reclaim, or 1-minute opening drive reversal reclaim) resulted in a stopped-out trade. Concurrently, the $IWM BEARISH Opening Range Retest Confirmation ended in a time stop. Understanding the key structural boundaries from this session is critical for framing the upcoming session's neutral, non-predictive scenarios.

SPY levels

During the September 15 session, $SPY opened at 760.12, reached an intraday high of 760.35, and fell to an intraday low of 756.15 before closing at 757.38. This close represented a decline of 0.36% from the opening print. The session Volume Weighted Average Price (VWAP) concluded at 757.46. The opening 30-minute range was established between 758.73 and 760.35.

• Bullish confirmation: A sustained hold above the session VWAP of 757.46, followed by a clean reclaim of the opening 30-minute range low of 758.73.
• Bearish confirmation: Acceptance below the session VWAP of 757.46, leading to a sustained break of the session low at 756.15.

QQQ levels

$QQQ opened the session at 708.80, traded to a high of 709.53, and dropped to an intraday low of 703.63. It closed the session at 704.59, marking a 0.59% drop from its open. The session VWAP settled at 705.61. The opening 30-minute range was defined by 707.56 on the bottom and 709.53 on the top.

• Bullish confirmation: Price trading back above the session VWAP of 705.61 and reclaiming the 30-minute opening range low of 707.56.
• Bearish confirmation: Failure to reclaim the session VWAP of 705.61, followed by a breakdown below the session low of 703.63.

IWM levels

$IWM began its session at 286.62, pushed to a high of 286.93, and slid to a low of 284.08. The index closed at 285.15, down 0.51% from the open. The volume-weighted average price (VWAP) for the session was 285.08, while the opening 30-minute range spanned from 285.34 to 286.93.

• Bullish confirmation: Establishing support above the session VWAP of 285.08, followed by an upward expansion back into the opening 30-minute range above 285.34.
• Bearish confirmation: Trading pressure remaining below the session VWAP of 285.08, leading to a break beneath the session low of 284.08.

AMZN levels

$AMZN opened at 252.24, hit an intraday high of 253.27, and experienced a sharper decline to a low of 247.22. It closed at 248.44, representing a 1.51% drop from the opening price. The session VWAP was 249.25, and the opening 30-minute range was bound by 251.76 and 253.27.

• Bullish confirmation: Reclaiming the session VWAP of 249.25, with subsequent extension toward the opening 30-minute range low of 251.76.
• Bearish confirmation: Rejection at the session VWAP of 249.25, leading to a continuation below the session low of 247.22.

Scenarios for the next session

Rather than predicting direction, we map out two distinct structural scenarios using the prior session's concrete parameters.

Scenario A: Bullish Mean Reversion and Reclaim

In this scenario, buyers defend the lower boundaries. For SPY, QQQ, IWM, and AMZN, this requires price to open or quickly move above their respective prior closes and establish acceptance over their session VWAPs (757.46, 705.61, 285.08, and 249.25). Bullish continuation is confirmed if price action successfully reclaims and holds the lower bounds of the opening 30-minute ranges (758.73 for SPY, 707.56 for QQQ, 285.34 for IWM, and 251.76 for AMZN), shifting the bias toward the prior session highs.

Scenario B: Bearish Trend Continuation

In this scenario, sellers maintain control. This is characterized by an inability to sustain price above the session VWAPs. Bearish validation occurs if price action remains capped below these levels and breaks below the prior session lows (756.15 for SPY, 703.63 for QQQ, 284.08 for IWM, and 247.22 for AMZN). Sustained trading below these levels confirms downward expansion, indicating a continuation of the selling pressure observed on September 15.

Disclaimer: For educational purposes only. Not financial advice.

Verified prior-session levels

• $SPY: open 760.12, high 760.35, low 756.15, close 757.38 (-0.36% from open), VWAP 757.46, opening 30m range 758.73-760.35.
• $QQQ: open 708.80, high 709.53, low 703.63, close 704.59 (-0.59% from open), VWAP 705.61, opening 30m range 707.56-709.53.
• $IWM: open 286.62, high 286.93, low 284.08, close 285.15 (-0.51% from open), VWAP 285.08, opening 30m range 285.34-286.93.
• $AMZN: open 252.24, high 253.27, low 247.22, close 248.44 (-1.51% from open), VWAP 249.25, opening 30m range 251.76-253.27.