0DTE Market Map: SPY, QQQ, IWM & AMZN — September 22, 2026

The 0DTE tape

The completed session on September 21, 2026, highlighted a clear performance divergence between large-cap tech and small-cap equities. QQQ led the market's upward drive, opening at 727.89 and closing at 741.39, representing a +1.85% gain from its open. SPY followed with a solid gain of +0.95% from its open, while AMZN closed up +0.79%. Conversely, IWM lagged the broader market, closing down -0.24% from its open.

In Whalor's execution ledger, the primary setup captured on September 21, 2026, was a QQQ BULLISH trade utilizing the zero_dte_ema13_bounce strategy (incorporating the ema13_support_reaction, 5m_ema13_bounce, and 1m_ema_reaction_high_break). This trade ultimately concluded with a time_stop. This follows previous sessions, such as September 17, 2026, and September 15, 2026, which featured setups like the QQQ Failed Extension VWAP Return, AMZN VWAP Return Reclaim Put, and various Opening Drive Reversals across SPY and IWM, resulting in a mix of time_stops and stopped_out outcomes.

SPY levels

During the September 21, 2026 session, SPY opened at 766.25 and established an opening 30-minute range of 766.03 to 767.72. The low of the day was established at 766.03, aligning with the bottom of the opening 30-minute range. From there, SPY maintained an upward trajectory to secure a session high of 774.89 before closing at 773.52. The volume-weighted average price (VWAP) for the session was 771.55.

QQQ levels

QQQ opened the session at 727.89. Its opening 30-minute range was bounded by a low of 727.81 and a high of 732.68. The absolute low of the day occurred early at 727.81. Strong intraday demand pushed QQQ to a session high of 743.22, and it closed near the top of its range at 741.39. The session VWAP concluded at 737.22.

IWM levels

IWM exhibited relative weakness throughout the session. It opened at 286.27 and defined its opening 30-minute range between 284.90 and 286.35. While the price managed to tick slightly above this initial range to print a session high of 286.45, it ultimately fell back, hitting a low of 284.90. IWM closed the day at 285.57, below its opening price, with a session VWAP of 285.79.

AMZN levels

AMZN opened at 256.40. The stock established its opening 30-minute range between 253.60 and 256.66, with the session low of 253.60 printed during this initial half-hour. Buyers stepped in to drive the price to a high of 259.49 before AMZN settled at 258.43 to close the session. The session VWAP was 257.11.

Scenarios for the next session

Bullish Confirmation Scenarios

For a bullish continuation to confirm in the upcoming session, buyers must establish acceptance above the prior session VWAPs (SPY 771.55, QQQ 737.22, IWM 285.79, AMZN 257.11). Further validation would occur if the price breaks and holds above the prior session highs (SPY 774.89, QQQ 743.22, IWM 286.45, AMZN 259.49). Within this framework, traders may monitor for structures similar to the zero_dte_ema13_bounce (such as a 5m_ema13_bounce or a 1m_ema_reaction_high_break) or an opening_drive_reversal (such as an opening_drive_down_reclaim) if the market tests the prior opening 30-minute ranges before finding responsive buyers.

Bearish Confirmation Scenarios

For a bearish transition to confirm, sellers must drive prices below the prior session VWAPs and sustain trade below the opening 30-minute range lows from the September 21, 2026 session (SPY 766.03, QQQ 727.81, IWM 284.90, AMZN 253.60). A failure to reclaim these levels would confirm that sellers have control. Under these conditions, bearish setups like the Failed Extension VWAP Return or an Opening Range Retest Confirmation would serve as the structural templates to watch, particularly if the prior session's highs act as overhead supply.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice or a recommendation to trade any specific contracts or strategies.

Verified prior-session levels

• $SPY: open 766.25, high 774.89, low 766.03, close 773.52 (+0.95% from open), VWAP 771.55, opening 30m range 766.03-767.72.
• $QQQ: open 727.89, high 743.22, low 727.81, close 741.39 (+1.85% from open), VWAP 737.22, opening 30m range 727.81-732.68.
• $IWM: open 286.27, high 286.45, low 284.90, close 285.57 (-0.24% from open), VWAP 285.79, opening 30m range 284.90-286.35.
• $AMZN: open 256.40, high 259.49, low 253.60, close 258.43 (+0.79% from open), VWAP 257.11, opening 30m range 253.60-256.66.