📜 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 2,070 – Copyright (c) 2026. All rights reserved.
Keeping WB's Clock Alive Since 2017
————————-
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
————————-
📜 Good morning. Today is SERIES S3L.
🎛️ Tape Read: 🏛️🐂💲 Early balance → shallow dip to test mid‑PM demand → responsive bid → probe above Last‑Hour HIGH → continuation only if supply stays thin.
🧭 Honing Turns: Spill up → AM LOW → MID AM HIGH → lunch low → mid pm high → Last‑Hour low
————————-
🧭 Why Tape Read?
*
Composite Man defended cash close into Globex
*
Sellers weakened after mid‑PM reversal bid
*
Operator showed sponsorship lifting late offers
*
Supply failed repeatedly during afternoon markup
*
Strong close signals upward bias remains intact
————————-
🌤️ MARKET WEATHER
A reversal‑through‑stress session where an early spill‑up collapsed under heavy bid‑hitting, AM support attempts failed, and lunch highs were swatted down until a mid‑PM oversold low finally drew in real sponsorship. A decisive change of behavior lifted the tape into a strong Last‑Hour HIGH, with Globex holding the cash close and confirming the operator's late‑day intent.
————————-
📜 THE COMPOSITE MAN’S FOOTPRINTS
The day opened with a false spill‑up that immediately imploded, as 33,500 contracts hit the bid, sending the bulls running for cover. When another 11,400 contracts slammed the tape, the "soap drop" became official. The Composite Man didn't intervene–he let the overeager buyers get punished for chasing the open. This was the first sign the session would follow an S2L rhythm, where early strength is a trap, not a foundation.
The AM LOW formed around 10:30 center time, where a seal tried to hold a bid. But the rally attempt was weak, and another soap drop confirmed that supply was still firmly in control. The Composite Man allowed the decline to continue, letting weak hands exhaust themselves. This wasn't accumulation–it was diagnostic pressure, the operator testing how deep the selling needed to go before real demand would appear.
The Lunch high emerged through the SLOG, where a slight bid appeared but was immediately met with whack‑a‑mole supply. Every rise was checked. Every lift was answered. The Composite Man was not lifting the tape–he was watching sellers reveal their true size.
The Mid‑PM low arrived early at 2:10 pm, with price in an oversold technical position. This is where the day changed character. A 33,000‑lot bid entered, turning supply and marking the first true change of behavior. Price extended from low to high as offers were lifted on 6,600, 7,300, and 6,200 contracts as the 87 handle gave way.
Then, at 2:53, a 7,100‑lot lift removed all doubt about where the Last‑Hour HIGH would print. The Composite Man had shifted from passive observer to active participant.
The Last‑Hour HIGH recovered the halfway retracement from the 11:00 am selloff. At 3:50, the operator signaled his hand by lifting 34 → 44 on 6,000 contracts, then closed the session strong with 89,000 contracts lifting the offer. This was not noise–this was sponsorship.
Globex held the cash close, confirming that the late‑day strength was not a fluke but the operator's chosen posture.
This was a classic S2L day:
* Spill up that immediately failed
* AM LOW confirming supply dominance
* Lunch high showing weak, checked demand
* Mid‑PM low producing the first real shift
* Last‑Hour HIGH showing decisive sponsorship
* Globex hold validating the markup
The Composite Man was not accumulating early–he was testing, letting the market purge itself. Only after the Mid‑PM low did he step in with conviction, lifting offers and reclaiming structure. This is the operator's signature when he wants to reverse a weak morning and close strong, setting the stage for higher‑timeframe continuation.
The Composite Man ends the session in a constructive, upward‑probing posture. He allowed the early collapse, absorbed the midday weakness, and then marked price up with authority into the close. Globex's bid hold confirms he is comfortable defending the upper structure.
Tomorrow, expect him to probe higher first, checking whether the midday sellers have any follow‑through. If they don't, he may continue walking price upward toward the next resistance band.
The Composite Man leaves footprints for those who know where to look.
————————-
⚡ 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
————————-
✉️ 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.
————————-
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
————————-
Dates
📅 February 7 — Dog Moon, 7:11 a.m.
📅 April 21 — Spring Solstice (Equinox), 11:11 a.m. (all times EST)
————————-
💬 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.
————————-
Subscribe to The AM Turn
To receive The AM Turn in your inbox before the opening bell each trading day — complete with full Wyckoff analysis, turn seals, and Composite Man interpretation — you may secure your subscription here:
https://buy.stripe.com/fZe00T33v0ukd208wy
————————-
(c) 2026 The AM Turn. All rights reserved.
This commentary is intended for private circulation. You are welcome to share the newsletter with others whose judgment you respect.
Comments are closed