Jan 23 15 Min Analysis Price & Volume

Most retail traders lose money in the first 30 minutes of market open. They chase breakouts, panic sell at the lows, and wonder why the market always seems to move against them. The truth? You’re not trading against the market. You’re trading against Smart Money, and they have a playbook.
In this analysis, I’ll break down exactly how Smart Money manipulated price action on January 23rd, 2026, and how you can use the Q Algo methodology to identify these setups in real-time.
Remember: No Structure = No Trade.
The Setup: January 23rd, 2026 – SPY 15-Minute Chart

SPY 15-Minute Chart with Q Algo Indicators – January 23, 2026
The Candle-by-Candle Breakdown
(Licensed users can see this on your 15 min chart by using Magic Box, QZ Flow, Q Algo 9.0 and companion QVDD+). I have turned off the heatmap for clarity. If you use it you will see a better and very clear picture.

Candle 1: 9:30-9:45 – THE OPEN
Close: 51% – NEUTRAL
Retail Activity: Blue (buying)
What Happened: Retail was selling into the open. Smart money ABSORBED that selling – they were the buyers taking the other side. A 51% close tells us neither buyers nor sellers won decisively. This is the accumulation phase beginning.

Candle Chart
Q Flow
Q Algo 9

Candle 2: 9:45-10:00 – MOMENTUM SHIFT
Close: 97% – Near the HIGH
Indicator: M (Momentum)
What Happened: Smart money came in with MOMENTUM and drove price UP aggressively. This move caused:
Retail sellers to PANIC
Stop losses triggered
Previous sell orders filled

Now many of my students and community members will ask, but Q since the 15 min heatmap is black should I take a trade?
Qamar: My answer is hidden in the 5 min and 1 min HK charts. You need to load your ALGO.
This is exactly what Smart Money wanted – they accumulated shares from panicked retail at discount prices.
Candle 3: 10:00-10:15 – EXHAUSTION BUILDING
Close: 85% – Sellers losing steam
Indicator: E (Exhaustion)
What Happened: Smart money continues in control. The “E” indicator tells us sellers are becoming exhausted – they’re running out of ammunition. Supply is drying up.
Candle 4: 10:15-10:30 – SELLERS EXHAUSTED
Close: 66%
Indicator: E – Exhausted Sellers
What Happened: Smart money has taken over completely. Sellers are DONE. There is no more supply to absorb. The setup is complete.
Candle 5: 10:30-10:45 – THE BREAKOUT
What Happened: Price BROKE the Opening Range (blue box). The X marks this critical moment. Accumulation is complete, and the markup phase begins. This is your entry signal.
The Result: 11:00 AM – Bullish Play Complete
Price reached: 690.94
At 11:00 AM, the bullish play was finished. Price hit 690.94 and the Market Maker did NOT want to hedge further. Without MM hedging, price cannot continue making higher highs. A natural pullback occurred.
For the rest of the day, price entered a range with no Smart Money interest. Due to macro factors, the big players stepped aside. No more higher highs because nobody was buying.
Key Lessons: The Q Algo Indicators
Indicator
Meaning
51% Close
NEUTRAL – Neither buyers nor sellers won decisively
97%+ Close
BUYERS DOMINANT – Closed near the high
M (Momentum)
Smart Money driving price with conviction
E (Exhaustion)
One side is running out of steam
P (Panic)
Retail capitulation – Smart Money accumulating
MM Hedging
Required for price continuation; without it, price stalls

Why This Matters for 0DTE Trading
Zero DTE options are unforgiving. You don’t have time to “wait and see.” You need to know:
Who is in control? (Check the close percentage and indicators)
Where is liquidity? (Above and below the opening range)
When is the move complete? (Exhaustion indicators + MM hedging activity)
What are macro conditions? (Will Smart Money continue or step aside?)
Explore my ZERO DTE playbook here https://www.coffeewithq.org/gp/
The article is at the end.
The Smart Money Playbook
Here’s the sequence Smart Money used on January 23rd:
ABSORB (9:30) – Take the other side of retail’s panic selling
MOMENTUM (9:45) – Drive price to trigger stops and panic
EXHAUST (10:00-10:15) – Drain remaining supply
BREAKOUT (10:30) – Mark price UP through the opening range
EXIT (11:00) – Target reached, MM hedging stops, pullback begins
Final Thoughts
The market is not random. Every candle tells a story of the battle between buyers and sellers. When you learn to read that story through Volume Spread Analysis and the Q Algo methodology, you stop being the fish, and you start swimming with the sharks.
For price to make higher highs, Market Makers MUST hedge and Smart Money MUST keep buying. When macro factors cause everyone to hold off, the move is over. Know when to enter, and more importantly, know when to exit.
No Structure = No Trade.
Want to learn more about the Q Algo methodology? Join IKIGAI Trading Academy and learn to read the market like Smart Money and trade ZERO DTE SPX / SPY and now even XSP.

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© 2026 Qamar Zaman. All Rights Reserved.

⚖️ DISCLAIMER
This is not investment advisory. I’m not calling trades. I’m teaching you to think. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The IKIGAI Algo and any associated indicators, tools, or educational materials are provided for informational and educational purposes only and do not constitute financial, investment, or trading advice. You should consult with a qualified financial advisor before making any trading decisions. Q Levels and affiliated parties are not registered investment advisors, broker-dealers, or financial planners. By participating in this program, you acknowledge that you are solely responsible for your own trading decisions and any resulting gains or losses. No guarantees of profit or specific results are made or implied. All sales are final. Please trade responsibly and only risk capital you can afford to lose.

— Q Levels Trading | Coffee With Q ☕