📜 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 2,052 – 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 S1H.
🎛️ Tape Read: 🏛️🐂💲 Who wants to go home short on a Friday? Trump's Tariffs may be in the sway…
🧭 Honing Turns: Spill odds down → loupie loop → Last‑Hour odds high
Notice: Supreme Court decision on the legality of Trump's complex tariff regulations
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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🧭 S4H Daily TURN SUMMARY
A concise ledger of yesterday's dominant intraday structures.
Spill: Downward opening sealed at 9:45 a.m. on 18,800 lots
AM Low: Bid held 63 at 10:30 a.m. on 13,300 contracts
Mid‑AM High: Late and strong at 11:40 a.m., 11.8 checked the decline
Lunch Low: Bull gave it up at 1:00 p.m. on 7,000, rise checked easily
Mid‑PM High: Early and weak at 2:15 p.m., no attempt on 13,300
Last‑Hour Low: Center‑time lift failed as the market closed weak into the bell
Daily Classification: S4H — Weakness dominated until a final-hour test revealed shallow demand.
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🌤️ MARKET WEATHER
A market marked by hesitant rallies and effortless declines, revealing a day in which demand withdrew and the Composite Man allowed weakness to express itself without opposition.
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🦶 The Composite Man's Footprints
S4H Day — High of Day at 1:00 New York City, Followed by Persistent Weakness
The market opened upon 18,800 lots, and the early action revealed the Composite Man's intention with unusual clarity. The Spill down sealed at 9:45 a.m. center time, and the ease with which the decline unfolded suggested that the supply encountered during this initial movement was of the ordinary public variety. There was no sign of determined professional support; rather, the operator permitted the market to sag in order to test whether any meaningful supply would be drawn out at the lower levels.
As the morning progressed, the AM HIGH formed at 10:30 a.m., where a bid held the 63 level on 13,300 contracts. This was a telling moment. The firmness of the bid indicated that demand was willing to assert itself, yet the character of the advance into this high was not that of a market under accumulation. Instead, the rise bore the marks of a technical rally–orderly, yes, but lacking the vigor and decisiveness that accompany true sponsorship. The Composite Man allowed the price to lift, but he did not press it; he merely observed the response.
The Mid‑AM LOW arrived late and strong at 11:40 a.m., where 11,800 lots checked the decline. This checking action was significant. It revealed that while supply was present, it was not overwhelming. The operator permitted the decline to run its course, then tested the market's ability to absorb offerings at this lower level. The firmness of the check suggested that the Composite Man was not yet ready to commit to a broader downward campaign, but neither was he inclined to support a sustained advance.
The Lunch high at 1:00 p.m. told the true story of the day. The bull gave it up on only 7,000 contracts, and the rise was checked with little effort. This failure of demand at midday revealed the underlying weakness of the market. The Composite Man did not need to oppose the advance; he simply withheld his support and allowed the price to falter of its own weight. Such action is characteristic of a market in which the operator is testing demand and finding it wanting.
The Mid‑PM low at 2:15 p.m. was early and weak, and the market "didn't even try" on 13,300 contracts. This lack of effort is one of the clearest footprints of the Composite Man. When a market declines with little resistance, it is not because supply is overwhelming–it is because demand has withdrawn. The operator had already learned what he needed to know: the earlier rallies were not supported by strong hands, and the public's enthusiasm was insufficient to sustain higher prices.
The Last‑Hour HIGH came in at center time, but the market closed weak for the remainder of the day. This late‑day lift was not a sign of strength; it was a final test. The Composite Man allowed the price to rise into the close to observe whether any meaningful demand would appear. None did. The market's inability to hold its gains confirmed that the broader trend remains under the quiet guidance of supply.
The day's action revealed a market in which the Composite Man is neither aggressively distributing nor actively accumulating. Instead, he is testing–probing demand, withdrawing support, and allowing the market to reveal its own weakness. The firmness of the checks at the lows and the ease of the failures at the highs suggest that the operator is preparing the ground for a more decisive movement, but that the campaign has not yet reached its terminal phase.
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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