0DTE Market Map: SPY, QQQ, IWM & AMZN — September 28, 2026

The 0DTE tape

The 0DTE tape from September 25, 2026, featured a mix of bearish execution setups that ultimately concluded in time stops. On SPY, the bearish "opening_drive_reversal" playbook was active, characterized by an opening drive spike reversing and subsequent rejection. Meanwhile, IWM triggered a bearish "15m_200ma_bounce_rejection," continuing a multi-day theme of bearish setups on the small-cap index, following a bearish opening range retest confirmation on September 24 and a 15m 200ma rejection on September 23. QQQ and AMZN sat out the formal setup ledger for the session, but prior sessions show QQQ favoring bullish EMA13 bounces and AMZN experiencing an opening range breakout retest stop-out on September 22. This landscape highlights a market balancing between intraday rejections and structural reclaims.

SPY levels

For the next session, SPY participants must monitor the key parameters established on September 25. The index opened at 768.78 and closed at 771.30, marking a gain of 0.33% from the open. Intraday price action established a high of 772.28 and a low of 766.29. The session volume-weighted average price (VWAP) settled at 770.04. The initial balance is defined by the opening 30-minute range of 767.75 to 770.31.

QQQ levels

QQQ closed the September 25 session at 744.45, up 0.22% from its opening print of 742.83. The tech-heavy index charted a daily high of 745.91 and found a floor at the session low of 739.64. The session VWAP concluded at 743.63. Early liquidity and execution zones are framed by the opening 30-minute range, which locked in between 741.66 and 745.42.

IWM levels

IWM exhibited relative weakness, closing at 281.95, a decline of 0.14% from its open of 282.34. The small-cap index peaked at a high of 283.52 before sliding to a session low of 280.45. The session VWAP ended at 282.05. The opening 30-minute range was established between 281.42 and 282.69, serving as a key baseline for early-session momentum.

AMZN levels

AMZN closed at 249.74, representing a 0.47% increase from its opening price of 248.56. The stock reached a session high of 250.88 and traded down to a session low of 247.18. The VWAP for the session was 249.23. Traders should note the opening 30-minute range, which developed between 247.71 and 250.16.

Scenarios for the next session

To map the next session, we look at the structural boundaries without predicting direction.

Bullish Scenarios

A bullish scenario across these assets requires price holding above their respective prior session VWAPs (SPY 770.04, QQQ 743.63, IWM 282.05, AMZN 249.23). For SPY and QQQ, bulls would seek to reclaim the upper bounds of their opening 30-minute ranges (770.31 and 745.42) to target the previous session highs of 772.28 and 745.91. For AMZN, a sustained break above 250.16 could signal an opening range breakout retest, targeting 250.88. On IWM, a bullish reclaim of the 282.69 opening range high would be needed to challenge the 283.52 peak.

Bearish Scenarios

A bearish scenario is initiated if price action rejects the prior VWAPs or fails to hold the lower limits of the opening 30-minute ranges (SPY 767.75, QQQ 741.66, IWM 281.42, AMZN 247.71). For SPY, failure here could trigger another opening drive reversal or EMA rejection, driving price toward the 766.29 low. For QQQ, trading below 741.66 opens the path to test the 739.64 low. On IWM, persistent rejection below the 282.05 VWAP keeps the bearish 15m 200ma rejection thesis active, looking for a test of the 280.45 low. AMZN bears will look for a breakdown below 247.71 to target the 247.18 low.

Disclaimer: For educational purposes only. Not financial advice.

Verified prior-session levels

• $SPY: open 768.78, high 772.28, low 766.29, close 771.30 (+0.33% from open), VWAP 770.04, opening 30m range 767.75-770.31.
• $QQQ: open 742.83, high 745.91, low 739.64, close 744.45 (+0.22% from open), VWAP 743.63, opening 30m range 741.66-745.42.
• $IWM: open 282.34, high 283.52, low 280.45, close 281.95 (-0.14% from open), VWAP 282.05, opening 30m range 281.42-282.69.
• $AMZN: open 248.56, high 250.88, low 247.18, close 249.74 (+0.47% from open), VWAP 249.23, opening 30m range 247.71-250.16.