📜 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 2,051 – Copyright (c) 2026. All rights reserved.
Keeping WB's Clock Alive Since 2017
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FROM THE DESK OF WYCKOFF TRADER
(Read the Terminology at the bottom if you need clarification on Wyckoff/WB/ME‑isms)
_"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: 🏛️🐂💲 Who wants to go home short on a Friday?
🧭 Honing Turns: Spill down → AM high → Mid‑AM low → Lunch high → Mid‑PM low → Last‑Hour high
Three Doors: Normal, Wedge Zoom, Link Stink
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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🧭 S3L Daily TURN SUMMARY (Yesterday)
_A concise ledger of yesterday's dominant intraday structures._
Spill: Upward test sealed at 9:50 on 17,800 lots
AM Low: Bid held 78 at 10:20 on 14,200 contracts
Mid‑AM High: Late and strong at 11:55, 11.8 checked the rise
Lunch Low: Residual bull failed at 12:11 on 9,600 lots
Mid‑PM High: Early and weak at 2:10, no attempt on 14,000
Last‑Hour Low: Late and strong just before 3:55 into the close
_Daily Classification: S3L — Mid‑AM high, followed by persistent afternoon weakness_
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🌤️ MARKET WEATHER
A day marked by early confidence, mid‑session hesitation, and a late‑day resignation as demand failed to reassert itself.
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🦶 The Composite Man's Footprints
_S3L Day — High of Day at 12:11 New York, Followed by Persistent Weakness_
The market opened upon 17,800 contracts, and the early advance carried the price upward in a manner that revealed the Composite Man's intention to test the character of the supply present at the opening. The Spill Up was sealed at 9:50 a.m., and the ease with which the price lifted during this period suggested that the offerings encountered were of the ordinary public type rather than the deliberate efforts of large interests. The subsequent decline into the AM Low was orderly, and the market held its ground upon the appearance of a firm bid at 10:20 a.m., where 14,200 contracts supported the 78 level, indicating that demand was still willing to assert itself at these lower prices.
The rally that followed this AM Low bore the marks of purposeful buying, for the price advanced with increasing confidence, and the supply encountered was absorbed without difficulty. The rise carried into a late and strong Mid‑AM High at 11:55 a.m., where the 11,800 lots checked the advance. This resistance was natural, for such points often attract the attention of both professional and public traders. Yet the character of the movement up to this point affirmed that the Composite Man had not concluded his operations, for the advance was conducted with a firmness and deliberation that bespoke accumulation rather than distribution.
The decline into the Lunch Low provided a revealing test of the remaining supply. As residual bullish sentiment attempted to support the market, the effort failed at 12:11 p.m., where 9,600 contracts proved insufficient to maintain the advance. This yielding of the price indicated that the Composite Man was permitting the market to fall of its own weight, withholding his support to determine whether any significant supply would be brought out by the reaction. The failure of the bulls to sustain their position at this juncture suggested that the earlier rise had fulfilled its immediate purpose.
The subsequent rally into the Mid‑PM period was early and weak, sealing at 2:10 p.m. on 14,000 contracts, and the market made no determined attempt to resume the advance. The narrowness of the movement and the lack of vigor in the demand made it clear that the earlier high was terminal. The Composite Man, having tested the market at higher levels, now allowed the price to drift downward, for the effort expended during this period produced but a meager result. Such action is characteristic of a market in which supply is quietly asserting itself, and demand is no longer dominant.
The final decline into the Last‑Hour Low came late and strong, sealing just before the closing print at 3:55 p.m., and the market closed near its lowest levels of the day. The firmness of this downward movement, combined with the earlier failure of the Mid‑PM rally, indicated that the Composite Man was not supporting the market into the close. Rather, he appeared content to allow the price to seek a lower level, suggesting that the immediate trend is downward. Yet the controlled nature of the decline implies that the broader campaign has not reached its final stage, and further developments will be required before the next decisive movement can be anticipated.
_The Composite Man leaves footprints for those who know where to look._
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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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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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