I had the exact same initial boot sequence experience. After power cycling and pressing the left encoder button, the magic smoke was let out. I went through the first 2 steps of G5CTH Chris'? troubleshooting steps and determined that PS1 is damaged. I checked the main board interconnects from PS1 and sure enough I had a short to ground. Turns out I had a very fine [sic] solder bridge across C201 on the main board, it came off easily without the use of an iron. No more short to ground on pin 6 of JP101.?
It would appear that as a minimum Zener D106 on PS1 is damaged as a result of the short, maybe more. The QMX in its present state is able to respond to a power on key press and enter terminal applications mode.? So it is need of some repair on PS1 or replacement.?
Steve W6WU