📜 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 2,067 – 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 S2L.
🎛️ Tape Read: 🏛️🐂💲 Early dip → secondary‑test attempt → hold above preliminary support → probe into Last‑Hour rally zone → continuation only if supply stays thin.
🧭 Honing Turns: Spill up → AM LOW → (NO MID AM) → lunch high → mid pm low → Last‑Hour high
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🧭 Why Tape Read?
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Preliminary Support and the Selling Climax are now established.
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The Automatic Rally was legitimate, not mechanical.
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The Secondary Test held cleanly in Mid‑PM.
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Strong Last‑Hour volume signals operator sponsorship.
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Globex half‑back behavior often precedes a morning test before continuation.
Structure favors responsive–not initiative–demand on first touch.
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🌤️ MARKET WEATHER
A capitulation‑to‑recovery session where heavy spill‑down supply gave way to a clean selling climax, followed by an orderly automatic rally and a successful secondary test, with the Composite Man stepping in late on strong volume to reclaim most of the range before Globex held half‑back in preparation for the next test.
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📜 THE COMPOSITE MAN’S FOOTPRINTS
The session opened with 23,000 contracts slamming the bid, a decisive expression of supply that hinted at more pressure beneath the surface. When another 14,000 contracts hit the 08 bid, the Composite Man allowed price to be forced lower, letting weak hands exhaust themselves before he made any move of his own.
The AM period brought a slight pause at the 55 handle, holding on 22,000 contracts. This wasn't strength, but it _was_ the first sign of preliminary support–the operator quietly signaling that the downside was beginning to meet resistance.
The Mid‑AM delivered a quick selling climax, the classic Wyckoff signature of emotional liquidation. Volume surged, price washed out, and the Composite Man absorbed what he needed without showing his hand.
From that point, the Lunch session initiated the Automatic Rally, the natural response after a selling climax. The bid wasn't aggressive, but it was clean–evidence that supply had finally thinned.
The Mid‑PM brought the secondary test, which held the low of the preliminary support zone. This was the key structural moment of the day: the Composite Man confirmed that the earlier washout had done its job. Supply was no longer dominant.
The Last Hour finished strong on greatly increased volume, recovering nearly the entire day's loss. This was not random end‑of‑day noise–it was the operator stepping in with purpose, validating the earlier support and confirming the rally's legitimacy.
Globex gave some back, but importantly held half of the automatic rally, positioning the market for a potential secondary test on the next session's open. This is exactly how a Wyckoff accumulation day behaves when the Composite Man is preparing the next phase.
This was a textbook accumulation‑through-stress day:
* Preliminary Support at the 55 handle
* Selling Climax in Mid‑AM
* Automatic Rally through Lunch
* Secondary Test in Mid‑PM
* Sign of Strength in the Last Hour
* Globex half‑back hold, setting up the next test
The Composite Man was not distributing. He was absorbing, letting the market purge itself before stepping in with conviction. The strong Last Hour rally on heavy volume is the clearest tell: he wanted price higher into the close.
The Composite Man ends the session in a constructive, accumulation‑biased posture. He allowed the early liquidation, absorbed the panic, confirmed support, and then marked price up into the close. Globex's half‑back hold suggests he is preparing a secondary test before deciding whether to continue the rally.
Tomorrow, expect him to probe the downside early, checking whether any meaningful supply remains. If that test holds, he may walk price back toward the Last Hour rally zone to reassess overhead resistance.
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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