📜 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 2,064 – Copyright (c) 2026. All rights reserved.
Keeping WB's Clock Alive Since 2017
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FROM THE DESK OF WYCKOFF TRADER
(Read the Terminology at the bottom if you need clarification on Wyckoff/WB/ME‑isms)
"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 S3L.
🎛️ Tape Read: 🏛️🐂💲
🧭 Honing Turns: Spill up → AM low → Mid‑AM high→ Lunch low → Mid‑PM high → Last‑Hour low
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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🦶 The Composite Man's Footprints
The session opened strong on 21,600 contracts, pushing immediately into a 7‑point lift and settling into a 10‑point opening range, a clear sign the bulls came in with eyes toward the highs rather than testing the downside.
From the open, the Composite Man showed his hand: a steady, unbroken grind higher into 10:30 am. No sharp surges, no panic bids–just controlled upward sponsorship. The slight pullback into 11:20 am on light volume confirmed it wasn't distribution; it was a pause to check for supply.
The midday action made the operator's posture unmistakable. The lunch grind into 1:30 pm, printing the high of day, showed that every minor dip was met with quiet demand. No aggressive selling appeared, no meaningful tests of weakness–just a staircase markup.
From 1:30 pm to the close, the tape delivered a "nothing burger" in price, but volume increased, which is often the Composite Man's way of absorbing late chasers and weak‑hand sellers without giving up ground. Price didn't advance, but it didn't retreat either–classic holding behavior after a controlled markup.
This was not a distribution day.
This was not a shakeout.
This was a sponsored markup session, where the operator walked price upward, tested lightly for supply, and found none worth respecting.
The light‑volume pullback at 11:20 am was the tell: no meaningful supply appeared. The afternoon hold with rising volume suggests quiet absorption rather than weakness. The Composite Man was not unloading–he was maintaining control.
The Composite Man ends the day in a position of strength.
He marked price up, tested for supply, found little, and held the gains into the close. That's not the posture of a seller–it's the posture of an operator preparing for continuation or a higher‑timeframe test.
Tomorrow, he will likely continue walking price toward the next pocket of thin supply, pausing only long enough to confirm the path remains clear.
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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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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