📜 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 2,056 – 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 S2L.
🎛️ Tape Read: 🏛️🐂💲 Potential Sign of Strength coming soon
🧭 Honing Turns: Spill up → AM low → (No Mid‑AM) → Lunch high → Mid‑PM low → Last‑Hour high
Today's Lean: Early dip → test the 77-low zone → response bid → range or mild recovery.
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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🧭 S1L Daily TURN SUMMARY
A concise ledger of yesterday's dominant intraday structures.
Daily Classification: S1L — Offering down to 10:30 am, with a test at 3:35 pm, indicates a bid
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🌤️ MARKET WEATHER
A session defined by early pressure, shallow rallies, and defensive bidding, where the Composite Man let the market test its own foundations. Demand appeared in brief pockets but never with conviction, while supply expressed itself cleanly whenever pressure returned. The day closed with partial recovery, but the overall tone reflected fragile demand and responsive–not proactive–support.
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🦶 The Composite Man's Footprints
S1L Day — Low of Day at 3:35 New York, followed by a bid to recover half of day's loss
The session opened with 17,550 lots pressing into a 6‑point spread, and the early into 9:45 a.m. revealed the day's initial imbalance. As 14,000 contracts hit the bid, the bulls stepped aside and allowed price to seal lower without resistance. This opening action grounded the day's narrative: supply was active, demand was reactive, and the Composite Man was letting the market sag to expose the true depth of selling pressure.
Through the window, price continued to offer down into 10:30, where the decline finally sealed. This behavior affirmed the underlying structure: the selling was persistent but not panicked, and the market was responding in an orderly fashion. The tape showed that the bulls were not absent–they were simply not strong enough to reverse the flow yet. This steady descent validated the idea that the Composite Man was observing rather than intervening, letting the market reveal its natural low.
The period brought a shift in tone as the bulls struggled to find a high but refused to give up. Their efforts lacked dominance but showed determination, creating a moment where neither side held decisive control. This phase carried a sense of low pressure: the market was probing upward without conviction, and the Composite Man allowed this exploration to unfold. The structure suggested testing rather than trending, giving the day room to breathe before its next decisive move.
The Lunch window clarified the day's true character. As the bulls pushed past the earlier low, the lunch SLOG emerged, and the bears pressed hard to force the bulls to drop the soap. This was the moment where the market's intent became unmistakable: supply was asserting itself, and demand was being challenged aggressively. The Composite Man did not need to force the issue–he simply withheld support and let the bears test the bulls' resolve. The tape made the imbalance clear.
The afternoon delivered the final shape of the day. A bid appeared at 2:06 and 2:15, holding the 86 handle on 2,200 and then 9,800 lots, signaling that buyers were not entirely absent. Yet by 3:35, price was pushing to wet‑break the intraday low until 13,300 lots held the 77 level. The market lifted off that low and recovered half the day's loss into the close. This final action tied the session together: weakness dominated, but demand showed just enough presence to prevent a full‑day collapse. The Composite Man's footprint was consistent–testing, withholding support, and letting the market reveal its own structure.
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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