📜 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 2,072 – 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 S1H.
🎛️ Tape Read: 🏛️🐂💲 Early balance → shallow dip to test lunch‑low demand → responsive bid → probe toward Mid‑PM high → continuation only if sellers stay thin.
🧭 Honing Turns: Spill odds up → loupie loop → Last‑Hour odds high
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🧭 Why Tape Read?
*
Composite Man defended cash close into Globex
*
Bulls lacked sponsorship on Mid‑AM HIGH
*
Lunch low acted as stabilizing spring
*
Mid‑PM lift matched normal S2L rhythm
*
Last‑Hour low held structure cleanly
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🌤️ MARKET WEATHER
A rotational S4L session where an early spill‑up–fueled by GOOG volume–failed to hold, giving way to an AM LOW that erased all gains. A Mid‑AM HIGH recovered the opening print but lacked sponsorship, and a late lunch low wet‑broke the morning low before stabilizing. A strong Mid‑PM HIGH fit the classic S4L script, leading into a controlled Last‑Hour low that held the AM LOW print while Globex steadied at the cash close.
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📜 THE COMPOSITE MAN’S FOOTPRINTS
The session opened with bulls doing everything they could to stay on the ball, helped by GOOG volume pouring in. The lift carried into 9:50, where the spill‑up sealed late and strong–and then the bulls dropped the soap. The Composite Man allowed the reversal, letting the early enthusiasm collapse under its own weight. This was the first sign the day would follow an S4L rhythm, where early strength is a trap and the real structure forms lower.
The AM LOW sealed at 10:35, center time, as bulls tried to hold a bid but couldn't defend the gains. The Composite Man didn't step in; he let the tape sag. This was diagnostic pressure–he wanted to see how committed buyers were after the failed spill‑up.
The Mid‑AM HIGH at 11:30 recovered the opening print and balance, but it lacked sponsorship. It was a mechanical lift, not an operator‑backed move. The Composite Man let it rise just enough to expose the bulls' inability to gain a following.
The Lunch low pulled back and wetbeak the AM LOW, sealing at 1:55 pm on 7,700 contracts. This was a stabilizing action–a controlled test of the morning weakness. It behaved more like a spring than a breakdown.
The Mid‑PM high came center time at 2:20 pm, which is textbook for an S4L day. The Composite Man allowed the lift, knowing the odds favored a Last‑Hour low. This was a probe, not a reversal.
The Last‑Hour low pulled back on light volume, holding the AM LOW print. This was the operator's signature: he let price fall just enough to confirm the S4L 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 S4L day:
* Spill up that immediately failed
* AM LOW confirming weak demand
* Mid‑AM HIGH showing no sponsorship
* Lunch low acting as a stabilizing spring
* Mid‑PM high as the expected S4L probe
* Last‑Hour low confirming the structure
* Globex hold validating the close
The Composite Man wasn't accumulating or distributing aggressively. He was testing, shaping the tape, and letting the market reveal where real demand lived. The lunch spring 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 S4L 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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