📜 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 2,069 – 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 weakness → test below Globex break → responsive bid attempt → failure risk on retests of AM/Mid‑PM highs → downside continuation if supply remains dominant.
🧭 Honing Turns: Spill up → AM LOW → (NO MID AM) → lunch high → mid pm low → Last‑Hour high
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🧭 Why Tape Read?
*
Globex held cash highs, confirming steady overnight sponsorship
*
Spill‑up showed real demand, not mechanical noise
*
AM digestion held structure without meaningful supply
*
Mid‑PM dip failed, proving sellers lacked conviction
*
Strong close signals operator comfortable pressing higher
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🌤️ MARKET WEATHER
A demand‑led session where an early lift‑the‑offer surge put the algos on their heels, followed by a steady AM catch‑up, a soft lunch‑time rounding top, and a mid‑PM dip that failed to attract real sellers, ending with a strong high‑of‑day hold and a Globex bid that kept price pinned near cash highs–clear evidence of a Composite Man guiding the tape upward with controlled sponsorship.
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📜 THE COMPOSITE MAN’S FOOTPRINTS
The session opened with 3,300 contracts lifting the offer, a sharp expression of demand that immediately put the algos on the run. The Composite Man didn't chase–he simply stepped aside and let the mechanical buying do the heavy lifting, allowing price to expand upward with minimal resistance.
During the AM period, price was catching up from the frenzy, digesting the spill‑up and stabilizing the structure. This wasn't weakness; it was the operator letting the tape normalize after the initial burst. The Composite Man was not distributing–he was managing pace.
The Lunch session began to show a rounding top, a natural pause after the morning's expansion. Supply was present, but not forceful. The operator allowed the market to test itself, watching to see whether sellers had any real conviction.
The Mid‑PM brought a slight dip and then a recovery, a classic Wyckoff intraday test. The Composite Man checked for supply, found it thin, and permitted price to lift again. This was the day's structural confirmation that demand still held the upper hand.
The Last Hour held the high of day, with more market orders coming in. This was the clearest tell of the session: the operator was not fading the move–he was supporting it. A strong close on firm order flow is the signature of a sponsored markup.
Globex continued the theme, holding its bid near the cash highs, signaling that the Composite Man was comfortable with the day's gains and willing to defend the upper structure.
This was a demand‑led session:
* Spill up with real buying
* AM digestion without breakdown
* Lunch rounding top instead of reversal
* Mid‑PM dip‑and‑recover confirming thin supply
* Last‑Hour high hold showing sponsorship
* Globex bid hold validating the markup
The Composite Man was not distributing. He was walking price upward, testing supply at each stage, and finding little resistance worth respecting. This is the operator's classic posture when he is preparing the tape for continuation.
The Composite Man ends the session in a constructive, upward‑probing posture. He allowed the morning frenzy, managed the midday pause, and supported the close. Globex's bid hold suggests he is preparing to test higher levels on the next session's open.
Tomorrow, expect him to probe higher first, checking whether the rounding‑top sellers have any follow‑through. If they don't, he may continue marking price up into fresh territory. 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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