📜 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 2,074 – 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 S1L.
🎛️ Tape Read: 🏛️🐂💲 Early balance → shallow dip to test mid‑PM support → responsive bid → probe toward lunch‑high zone → continuation only if momentum improves.
🧭 Honing Turns: Spill odds up → loupie loop → Last‑Hour odds low
————————-
🧭 Why Tape Read?
*
Composite Man defended cash close into Globex
*
Early spill‑down absorbed cleanly by demand
*
Mid‑AM slowdown showed bulls tiring slightly
*
Mid‑PM support arrived on real volume
*
Last‑Hour high held structure without stress
————————-
🌤️ MARKET WEATHER
A classic S4H session where an aggressive spill‑down shook out weak hands early, only for bulls to reclaim control into a late AM HIGH with no meaningful supply. Mid‑AM showed the first dip in momentum, a subtle but important shift in price behavior as the ascent slowed. Lunch printed the high of day, capping a two‑and‑a‑half‑hour recovery from the spill. A steady mid‑PM drip found support on real volume, and the Last‑Hour high held structure cleanly on light pullback volume. Globex steadied at the cash close, confirming a balanced, upward‑leaning tape.
————————-
📜 THE COMPOSITE MAN’S FOOTPRINTS
The session opened with a hard spill down, as 33,700 lots came out in the first five minutes–an intentional shakeout designed to rattle weak hands. Price sealed at the 25 handle at 9:35, and instead of collapsing, bulls immediately set their eyes on higher highs. The Composite Man allowed the shakeout, then let demand step forward. This is the classic opening of an S4H day: early weakness that becomes fuel for a controlled rise.
The AM HIGH sealed late and strong at 10:50, with price checking the highs and finding no real supply. The operator wasn't distributing–he was letting the tape breathe. Bulls were in control, and the Composite Man was not opposing them.
The Mid‑AM LOW sealed at 11:20, a tad early and weak, as price dipped slightly. This wasn't a reversal–it was a pause. The Composite Man was testing demand, not punishing it.
Then came the critical change in price behavior:
* From 10:30 → 11:00, price gained 24 handles in 30 minutes.
* From 11:40 → 12:00, price gained 13 handles in 20 minutes.
WHY THIS MATTERS
Because momentum is information.
When the _rate of ascent slows_, even while price is rising, the Composite Man is gauging whether bulls are tiring. It doesn't mean reversal–it means the operator is checking commitment. This is a Wyckoff tell: effort increasing, result decreasing. This is divergent price behavior.
The Lunch high printed at 12:10, marking the high of day. Bulls held their gains, and the tape showed two and a half hours of strength from the spill down to the lunch high. This was the structural backbone of the day.
The Mid‑PM low formed after a 90‑minute drip, with support arriving early at 1:30 pm on 18,500 contracts. By 2:05, the low sealed at the 87 handle on 5,300 contracts. This was controlled, not panicked–exactly what the Composite Man wants in an S4H structure.
The Last‑Hour high pulled back on light volume–98s on 800 lots, 97s on 500 lots–holding the mid‑PM low print. This confirmed the structure: the operator was not selling into strength; he was letting the tape settle.
Globex held the cash close, signaling that the Composite Man was satisfied with the day's architecture.
This was a clean S4H day:
* Spill down to shake out weak hands
* AM HIGH showing demand dominance
* Mid‑AM LOW confirming controlled testing
* Lunch high marking the structural peak
* Mid‑PM low forming a stable reaction
* Last‑Hour high confirming the S4H rhythm
* Globex hold validating the close
The Composite Man wasn't distributing. He was walking price upward, testing demand, and letting the tape reveal where real buyers lived. The slowing momentum mid‑day wasn't bearish–it was diagnostic. The operator wanted to see who would stay with the move.
The Composite Man ends the session in a constructive, upward‑probing posture. He allowed the early shakeout, supported the rise, and controlled the afternoon reaction. Globex's hold of the cash close suggests he is comfortable with the structure and may probe higher early tomorrow.
If sellers fail to respond, he may continue shaping a markup leg.
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
📅 March 3 — Worm Moon, 6:38 a.m.
📅 April 20 — Spring Solstice (Equinox), 6:33 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