📜 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 2,057 – 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 S3L.
🎛️ Tape Read: 🏛️🐂💲 Looking for a bid to come in
🧭 Honing Turns: Spill up → AM low → Mid‑AM HIGH → Lunch low → Mid‑PM high → Last‑Hour low
Tomorrow's Lean: Neutral open → two‑way probing → responsive flows → Mid‑PM expansion window.
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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🧭 S1L Daily TURN SUMMARY
A concise ledger of yesterday's dominant intraday structures.
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Spill: 29,300 contracts, 12‑handle range
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AM Low / High: Weak check of highs at 10:15 on 17,500
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Mid‑AM High / Low: _No meaningful pivot_
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Lunch Low / High: 1:40 pm lift‑the‑offer on 2,300
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Mid‑PM High / Low: Late strength at 2:50 pm
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Last‑Hour Low / High: Weak 3:10 pm low on 26,800; lifted into unchanged close
Daily Classification: S2H — Offering down to 1:40 pm, with a base forming.
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🌤️ MARKET WEATHER
A balanced, low‑energy session defined by weak demand, shallow tests, and Composite Man maintaining neutral inventory.
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🦶 The Composite Man's Footprints
S2L Day — Low of Day at 3:35 New York, followed by a bid to recover unchanged from open
The spill opened on 29,300 contracts with a 12‑handle range, a balanced and neutral open where early two‑way probing set the tone. Neither side showed urgency, suggesting the market was still feeling out inventory rather than committing to direction.
The AM session delivered the first meaningful clue: 17,500 contracts checked the highs at 10:15, but the effort lacked sponsorship. A light expression of demand appeared, yet the muted result created a clear effort‑vs‑result contradiction, hinting that Composite Man was not yet ready to drive a markup.
Mid‑AM produced no structural pivot, reinforcing a low‑pressure, low‑commitment phase. Through Lunch, the only notable action came at 1:40 pm, where a small 2,300‑contract lift‑the‑offer surfaced just off center time — more of a supply test than an attempt to press advantage.
The day's character finally emerged in Mid‑PM: late and strong at 2:50 pm, a clean upward check showing the first real expression of demand. But the absence of follow‑through suggested a test of overhead liquidity, not the start of a trend campaign.
The last hour confirmed the session's neutrality: early and weak at 3:10 pm on 26,800 contracts, followed by offers lifting into the close, leaving price unchanged. Here, Composite Man finished the day in balance, signaling a session centered on inventory management rather than directional conviction.
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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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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