📜 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 2,073 – 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 S4H.
🎛️ Tape Read: 🏛️🐂💲 Early balance → shallow dip to test mid‑day support → responsive bid → probe toward spill‑up highs → continuation only if sellers stay thin.
🧭 Honing Turns: Spill down → AM HIGH → MID AM LOW → lunch high → mid pm low → Last‑Hour high
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🧭 Why Tape Read?
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Composite Man defended cash close into Globex
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Bulls lacked sponsorship on Mid‑AM HIGH
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Lunch spring showed real responsive demand
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Mid‑PM lift fit normal S3L rhythm
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Last‑Hour LOW held controlled retracement cleanly
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🌤️ MARKET WEATHER
A gentle S1H session where bulls pressed early for a perfect‑day markup, only to stall as the Composite Man let price hover near the highs through mid‑day, giving weak bulls a clean exit. A soft Last‑Hour low formed on light volume as late buyers made one more attempt to tag a high, and Globex drifted back to the cash close, showing a calm, balanced tape with no urgency from either side.
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📜 THE COMPOSITE MAN’S FOOTPRINTS
The session opened with bulls pushing hard, eager to pile in at the lows and shape a perfect‑day markup. Their enthusiasm carried the tape through the Spill, but the Composite Man let them run. He didn't oppose the lift–he simply observed. The early push was emotional, not structural, and he knew it.
This was the first hint of an S1H day, where early strength is allowed, but not necessarily sponsored.
By mid‑day, price was holding the highs, but the Composite Man wasn't pressing. He was letting weak bulls exit, letting the tape breathe, letting the emotional buyers unwind their positions. This wasn't distribution–it was controlled neutrality. The operator was gauging who remained committed.
The Last‑Hour high came as expected for an S1H structure. Bulls made one more attempt to tag a high, but the Composite Man didn't join them. He allowed the pullback on light volume, letting the tape settle into its natural high of the hour. This was not a breakdown–this was a controlled release of pressure.
Globex showed residual bullishness, then drifted down gently to tag the cash close. The operator was content with the structure he built. No need for theatrics.
This was a clean S1H day:
* Spill up allowed but not sponsored
* Mid‑day hold showing controlled balance
* Last‑Hour high confirming the S1H rhythm
* Globex drift validating the close
The Composite Man wasn't accumulating aggressively, nor was he distributing. He was balancing, letting the market express itself while he shaped the edges. The day's structure suggests he is preparing for a potential continuation, but only after testing the commitment of the remaining bulls.
The Composite Man ends the session in a neutral‑to‑slightly‑constructive posture. He allowed the early enthusiasm, held the mid‑day highs, and guided the tape into a controlled Last‑Hour low. Globex's drift to the cash close shows he is comfortable with the balance and may probe higher early tomorrow to test the strength of the remaining demand.
If sellers fail to respond, he may begin shaping a new markup leg.
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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