📜 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 2,055 – 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: 🏛️🐂💲 Bulls ball to lose
🧭 Honing Turns: Spill odds down → loupie loop → Last‑Hour odds high
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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🧭 S3L Daily TURN SUMMARY
A concise ledger of yesterday's dominant intraday structures.
Spill: down to 69 on 14,000 lots
AM HIGH: driven to the morning peak on 28,600 lots
Mid‑AM LOW: held firm on the 11:05 dip as supply failed to press
Lunch high: light retest on 1,400 lots with no sponsorship
Mid‑PM low: soft 2:05 pullback on 2,300 lots, barely any supply
Last‑Hour HIGH: tepid 3:05 lift on 1,500 lots, capped and sealed
Daily Classification: S4H — last hour high, followed by drift to close
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🌤️ MARKET WEATHER
A morning cleared by a sharp spill‑down, steadied by firm AM lift, muted through midday tests, and ultimately capped by a weak last‑hour rise that left the tape in late‑day resignation.
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🦶 The Composite Man's Footprints
S4H Day — High of Day at 3:05 New York, Followed by Drift
The prior session opened with a **spill‑down** that the Composite Man engineered deliberately. Price was driven straight into **69 on 14,000 lots**, a decisive opening shake meant to test who still held weak hands after the overnight positioning. This was not random volatility; it was a controlled downward probe to see who would panic and who would stand firm.
By 10:05, the tape revealed his first real message: 28,600 lots lifted price into the AM HIGH, and the bulls "did not look back." This was not impulsive buying–it was a deliberate reclaiming of control. The Composite Man wanted to see how much supply would surface after the opening washout. The answer: not much.
The 11:05 dip confirmed it. Price sagged, but the volume signature showed the bulls were not going to drip this soap. Supply was present, but not aggressive. The Composite Man allowed price to fall just enough to test the morning's emotional buyers, and they held.
Into 1:50 pm, price rose again to check the lunch high on a mere 1,400 lots. This was a classic Wyckoffian "light‑volume rally test." The Composite Man wanted to know: *Would trapped sellers reappear? Would late bulls chase?* Neither happened.
Then came the 2:05 pm mid‑PM low, sealed on 2,300 lots–barely a presence of supply. This was the second confirmation that the morning's spill‑down had done its job. Supply was thin. The Composite Man had no need to push price lower; the market was already obedient.
Finally, the attempt on 1,500 lots told the truth: the bulls could not attract a following. The Composite Man allowed a tepid lift, but he did not sponsor it. This was his way of marking the boundary of the day–*a high that is sealed, not expanded*.
Across the entire session, the Composite Man behaved like an operator preparing a larger campaign. The opening spill was a cleansing. The AM HIGH surge was a test of supply. The mid‑AM low confirmed absorption. The lunch high and mid‑PM low were calibration points. And the last‑hour high was a deliberate cap–an operator saying, "Not yet. The crowd is not ready."
This is classic Wyckoff:
– Shake the tree early.
– Test supply mid‑morning.
– Confirm absorption midday.
– Cap enthusiasm late.
– Prepare for the next phase.
The footprints suggest the Composite Man is **accumulating quietly**, not distributing. The lack of aggressive supply on each dip, combined with the controlled nature of the late‑day cap, implies he is not finished building his position.
He has not yet revealed the markup phase–but he has laid the groundwork. The next sessions will show whether he intends to spring the market or continue his silent harvesting.
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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