0DTE Market Map: SPY, QQQ, IWM & AMZN — September 23, 2026

The 0DTE tape

The trading session on September 22, 2026, presented a highly divergent intraday tape. QQQ led the market with relative strength, closing up 0.88% from its open at 747.47, well above its session VWAP of 745.62. Meanwhile, SPY, IWM, and AMZN exhibited relative weakness, all closing slightly below their respective opening prices.

This mixed environment challenged Whalor 0DTE setups. In IWM, a bearish zero_dte_ema50_rejection setup resulted in a stopped-out trade. In AMZN, a bullish opening range breakout retest also stopped out. QQQ’s bullish zero_dte_ema13_bounce fared slightly better but ultimately concluded with a time stop. The lack of clean, synchronized directional flow across these assets highlights the importance of using objective structural levels to frame the next session's scenarios.

SPY levels

SPY closed at 773.36, representing a minor decline of 0.09% from its opening print of 774.03. The session high was established at 775.14, while the session low came in at 772.57. The volume-weighted average price (VWAP) for the session was 773.85. The opening 30-minute range was defined by a low of 773.65 and a high of 775.14.

• Bullish Confirmation: Buyers must reclaim and sustain price action above the session VWAP of 773.85, followed by a breakout above the opening 30-minute range high of 775.14.
• Bearish Confirmation: Sellers need to keep price capped below the VWAP of 773.85, leading to a breakdown below the session low of 772.57.

QQQ levels

QQQ was the session's clear outperformer, opening at 740.98 and closing near its highs at 747.47, a gain of 0.88% from the open. The session high reached 748.35, while the low was printed at 740.93. The session VWAP stood at 745.62. The opening 30-minute range was established between 740.93 and 745.37, which QQQ successfully broke out of and held above.

• Bullish Confirmation: Bulls need to maintain acceptance above the session VWAP of 745.62 and drive price beyond the session high of 748.35 to continue the expansion.
• Bearish Confirmation: Bears must push price back below the VWAP of 745.62, targeting a re-entry into the opening 30-minute range and a test of the low at 740.93.

IWM levels

IWM closed at 287.20, down 0.17% from its open of 287.68. The small-cap index traded as high as 288.94 and as low as 286.05, with a session VWAP of 287.33. The opening 30-minute range was bound by 286.86 on the downside and 288.37 on the upside.

• Bullish Confirmation: A sustained move back above the session VWAP of 287.33, followed by a breakout above the opening 30-minute range high of 288.37.
• Bearish Confirmation: Continued rejection below the VWAP of 287.33, leading to a break of the session low at 286.05.

AMZN levels

AMZN closed at 254.88, down 0.09% from its open of 255.11. The session featured a wide intraday range, with a high of 259.00 and a low of 253.78. Because these extremes were printed early, they also defined the opening 30-minute range of 253.78 to 259.00. The session VWAP was 255.65.

• Bullish Confirmation: Price must reclaim and hold above the VWAP of 255.65, opening the door for a retest and breakout of the opening 30-minute range high at 259.00.
• Bearish Confirmation: Failure to reclaim the VWAP of 255.65, followed by a break below the session low of 253.78.

Scenarios for the next session

Scenario A: Bullish Expansion

In this scenario, buyers assert control early by reclaiming and holding yesterday's session VWAPs across the major assets. For QQQ, this means holding above 745.62 and breaking yesterday's high of 748.35. For SPY and AMZN, bulls must reclaim 773.85 and 255.65 respectively. If these levels transition from resistance to support, look for continuation setups targeting yesterday's session highs (775.14 for SPY and 259.00 for AMZN).

Scenario B: Bearish Rejection

In this scenario, yesterday's VWAPs act as firm overhead resistance. If SPY fails to clear 773.85 and IWM remains capped below 287.33, sellers will likely target yesterday's session lows. A failure of AMZN to hold its VWAP of 255.65 would bring its wide session low of 253.78 into play. If QQQ loses its VWAP of 745.62, it confirms a failed expansion, shifting the intraday bias to bearish.

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

Verified prior-session levels

• $SPY: open 774.03, high 775.14, low 772.57, close 773.36 (-0.09% from open), VWAP 773.85, opening 30m range 773.65-775.14.
• $QQQ: open 740.98, high 748.35, low 740.93, close 747.47 (+0.88% from open), VWAP 745.62, opening 30m range 740.93-745.37.
• $IWM: open 287.68, high 288.94, low 286.05, close 287.20 (-0.17% from open), VWAP 287.33, opening 30m range 286.86-288.37.
• $AMZN: open 255.11, high 259.00, low 253.78, close 254.88 (-0.09% from open), VWAP 255.65, opening 30m range 253.78-259.00.