📜 THE AM TURN
A Wyckoff‑Structured Reading of the Prior Session
Legal Disclaimer: The AM Turn is an educational commentary on market structure and operator behavior. It does not provide investment, trading, legal, or financial advice. All market activity involves risk, and past behavior does not guarantee future results. Readers should perform their own due diligence and consult qualified professionals before acting on any information contained herein.
Issue 2,071 – Copyright (c) 2026. All rights reserved.
Keeping WB's Clock Alive Since 2017
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FROM THE DESK OF WYCKOFF TRADER
"As you study the market each day, remember that its movements are the deliberate expressions of the large interests, and your task is to observe them without haste or bias. In The AM Turn, I ask you to read each session as a lesson from the Composite Man himself, for he reveals his intentions to the student who watches with discipline and an open mind." — Wyckoff Trader
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📜 Good morning. Today is SERIES S4H.
🎛️ Tape Read: 🏛️🐂💲 Early balance → shallow dip to test lunch‑spring demand → responsive bid → probe toward Mid‑PM high → continuation only if sellers stay disorganized.
🧭 Honing Turns: Spill down → AM HIGH → MID AM LOW → lunch high → mid pm low → Last‑Hour high
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🧭 Why Tape Read?
*
Composite Man defended cash close into Globex
*
Bulls lacked sponsorship on Mid‑AM HIGH
*
Lunch spring showed real responsive demand
*
Mid‑PM lift fit normal S3L rhythm
*
Last‑Hour LOW held controlled retracement cleanly
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🌤️ MARKET WEATHER
A deceptive session where an early spill‑up was crushed by heavy bid‑hitting, AM support attempts failed, and a weak Mid‑AM HIGH exposed the bulls' inability to gain sponsorship. A lunch‑time spring stabilized the tape, but the late Mid‑PM HIGH fit the classic S3L script, leading to a controlled Last‑Hour LOW that held the three‑eighths retracement before Globex steadied at the cash close.
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📜 THE COMPOSITE MAN’S FOOTPRINTS
The session opened with a false spill‑up, quickly reversed as 23,300 contracts hit the bid, sending bulls running. A brief push higher was sealed at the 57 handle on 10,100 lots, confirming the early lift was nothing more than a trap. The Composite Man allowed the reversal–he wanted to see who would chase and who would fold.
This set the tone for an S3L day, where early strength is deceptive and the real structure forms lower.
The AM LOW printed at 10:05, early and weak, as bulls attempted to hold a bid but lacked sponsorship. The Composite Man didn't defend them; he let the tape sag. This was diagnostic pressure–he was testing how committed buyers were after the failed spill‑up.
The Mid‑AM HIGH arrived at 11:30, right at center time. Instead of strength, it revealed the opposite: bulls could not gain a following. The rally lacked depth, lacked sponsorship, and hinted at a potential soap drop. The Composite Man was letting the market show its hand.
The Lunch low acted more like a spring off the previous day's low, sealing at 12:50 pm on 7,700 contracts. This was the first sign of responsive demand, but not enough to reverse the day's structure. It was a stabilizer, not a turn.
The Mid‑PM high came late and strong at 2:55 pm, which is textbook for an S3L day. The Composite Man allowed the lift, knowing the odds favored a Last‑Hour LOW. This was a probe, not a breakout.
The Last‑Hour LOW held the three‑eighths retracement from the lunch low. This was the operator's signature: he let price fall just enough to confirm the S3L structure, but not enough to break the spring. The day ended controlled, not chaotic.
Globex held the cash close, signaling that the Composite Man was satisfied with the structure he built and didn't need to push price further overnight.
This was a classic S3L day:
* Spill up that immediately failed
* AM LOW confirming weak demand
* Mid‑AM HIGH showing no sponsorship
* Lunch low acting as a spring
* Mid‑PM high as the expected S3L probe
* Last‑Hour LOW confirming the structure
* Globex hold validating the close
The Composite Man was not accumulating or distributing aggressively. He was testing, shaping the tape, and letting the market reveal where real demand lived. The spring at lunch and the controlled Last‑Hour LOW suggest he is preparing for a potential shift, but he hasn't committed yet.
The Composite Man ends the session in a neutral‑to‑constructive posture, having completed the S3L cycle cleanly. He allowed the early trap, tested both sides, and closed with structure intact. Globex's hold of the cash close suggests he is comfortable with the current balance and may probe higher early tomorrow to test the strength of the spring.
If sellers fail to respond, he may begin shaping a new markup leg.
The Composite Man leaves footprints for those who know where to look.
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⚡ THE COMPOSITE MAN'S BIG TEN
The S&P 500 is no longer 500 stocks.
It's 10 stocks with 490 passengers.
NVDA, AAPL, MSFT | AMZN, GOOGL, GOOG, META | TSLA, AVGO, BRK.B
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✉️ READER'S NOTE
Q: "How can I tell when the Composite Man is absorbing supply rather than distributing?"
A: Absorption is marked by firmness on reactions and a reluctance of the price to decline despite active selling; distribution reveals itself through labored advances and a tendency for the price to fall easily when demand pauses. Study the character of the movement, not merely its direction.
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SERIES DAY (ALL TIMES EST — NEW YORK CITY)
🕒 Spill 9:30-9:57
🕒 AM 10:00-10:57
🕒 Mid‑AM 11:00-11:57
🕒 Lunch 12:00-1:57
🕒 Mid‑PM 2:00-2:57
🕒 Last Hour 3:00-3:57
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Dates
📅 February 7 — Dog Moon, 7:11 a.m.
📅 April 21 — Spring Solstice (Equinox), 11:11 a.m. (all times EST)
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💬 FEEDBACK & CORRESPONDENCE
If you have thoughts, questions, or observations about today's issue of The AM Turn, you may write directly to the desk at feedback@wyckoffamtrader.com.
Every note is read with care, and while individual replies are not always possible, your insights help refine the work and sharpen the daily study of the Composite Man's operations.
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(c) 2026 The AM Turn. All rights reserved.
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