2005 Volvo S40 smoke from under the hood

Engine Cooling problem
2005 Volvo S40 Front Wheel Drive Manual 102100 miles

Hey I was on my way to work this evening and had to make a stop a someone's house. I let the car idle for approx 15-20 cause it went longer then expected. A man entered the home saying that there is a vehicle outside smoking and the vehicle was mine.

I noticed a weird noise coming from under the hook almost like a squeeling noise like a belt?
I was able to proceed approx 15 km to my house and opened the hood. When I opened the hood the belt seemed fine but checked the levels. The oil is around the min line and the coolant was well under the min line. Therefore I am assuming that is the cause of the smoking engine cause it was over heating. I have noticed the check engine light on for a while but was waiting for the tech I go to to purchase a diognostic tester that would log in to my car.

Would it be possible that the check engine light was simply because of the fluid leves?