📜 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 2,078 – 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
Today's Note: Overnight flows held the cash close, and the 8:30 reaction stayed inside yesterday's structure. The AM LOW may align more cleanly with the clock today if buyers remain passive into the open.
📜 Good morning. Today is SERIES S4L.
🎛️ Tape Read: 🏛️🐂💲 Early balance → shallow rally to test broken support → failure expected → continuation lower unless buyers show real absorption.
🧭 Honing Turns: Spill up → AM LOW → MID AM HIGH → lunch low → mid pm high → Last‑Hour LOW
🧩 Why Tape Read for today?
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Composite Man pressed weakness decisively all day
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All rallies checked on light volume
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Mid‑AM break erased yesterday's support
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Last‑Hour sweep cleared remaining weak bids
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Globex hold confirms operator's downward posture
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📜 THE COMPOSITE MAN’S FOOTPRINTS
Spill down → AM HIGH → Mid‑AM LOW → Lunch high → Mid‑PM low → Last‑Hour low → Globex hold
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Aggressive selloff, MID‑AM continuation pressed through yesterday's support to lower lows with a decisive tone and a strong close on the lows.
The day opened brittle. 32,100 lots hit the tape in the first fifteen minutes, driving a Spill down that held just below the prior close. The Composite Man allowed the washout–he wanted to see who would defend yesterday's support. No one did.
This weakness aligned with the broader context:
* AI strength from the prior day had already drifted down to the halfway retracement, showing the "strength" was cosmetic, not structural.
* YM showed early strength but quickly faded, confirming the broader tape was not prepared to sponsor a markup.
The operator knew the market was vulnerable, and he shaped the day accordingly.
The AM HIGH came on 5,100 contracts checking the 6973 around 10:30. A weak rally, easily checked by the spill low. The Composite Man wasn't lifting the tape–he was letting bulls show their lack of sponsorship.
The Mid‑AM LOW was the day's defining inflection. A thin bid all the way down 100 handles into the 11:30 seal, where 11,500 contracts held the 6883 handle before a quick 10‑handle rip. This was not strength–it was reflex.
The Lunch high at 12:30 was dismal. 7,100 contracts checked the 6890, recovering less than one‑third of the decline. That failure telegraphed further downside.
The Mid‑PM low at 2:10 showed a weak bid–4,800 contracts at 6874–giving bulls a flicker of hope. But the Composite Man made the next rally critical. If buyers couldn't lift, he would take the ball.
They couldn't.
The Last‑Hour confirmed the S3H structure:
A soap‑drop liquidity sweep, bears taking full control, driving price to the low of day, sealing 78,000 contracts at the 6848 print. This was decisive, intentional, and operator‑driven.
Globex held the cash close, showing the Composite Man was satisfied with the weakness he engineered.
This was a textbook S3H day:
* Spill down to shake out weak hands
* AM HIGH showing no sponsorship
* Mid‑AM LOW breaking all supports
* Lunch high failing to reclaim structure
* Mid‑PM low showing weak demand
* Last‑Hour sweep confirming operator control
* Globex hold validating the close
The Composite Man wasn't accumulating. He was pressing weakness, exploiting brittle demand, and using the liquidity sweep to clear the book into the close.
The Composite Man ends the session in a decisive, downward‑probing posture. He pressed through yesterday's support, closed on the lows, and held Globex at the cash close. Tomorrow's early action will hinge on whether sellers can maintain pressure or whether the operator uses the overnight weakness to test for responsive demand.
A shallow early rally would not be bullish–it would be diagnostic.
A failure to rally would open the door to continuation.
The Composite Man leaves footprints for those who know where to look.
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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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