📜 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 2,065 – 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 → probe higher toward the 15‑handle → test for overhead supply → hold or shallow dip → continuation attempt if supply remains thin.
🧭 Honing Turns: Spill down → AM HIGH → Mid‑AM LOW → Lunch high → Mid‑PM low → Last‑Hour high
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Key Levels for Today:
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Upside: 15 handle → 18-20 extension if supply remains thin
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Support: 91-88 zone (validated) → 94-96 intraday pivot
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Structure Bias: Higher‑low continuation unless the 94-96 zone fails decisively
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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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🧭 S3L Daily TURN SUMMARY
A concise ledger of yesterday's dominant intraday structures.
Daily Classification: S3L — A steady spill‑up open held firm all day, with center‑time tests confirming thin supply and a higher‑low close signaling the Composite Man's quiet control.
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🌤️ MARKET WEATHER
A session shaped by an early spill‑up that held firm, where the Composite Man confirmed the low quickly and guided price through a series of center‑time tests. Demand was steady rather than explosive, showing up consistently on each drift lower, while supply never mounted meaningful resistance even as the 15‑handle was checked multiple times. The afternoon held its structure with a higher low into the close, leaving the overall tone as controlled, orderly strength supported by quiet accumulation rather than aggressive chase.
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🦶 The Composite Man's Footprints
S3L Day — Low of Day confirmed early in the spill‑up, followed by steady center‑time bids and a higher‑low close that held more than half the session's advance.
The session opened with a spill up, printing 18,300 lots at the 91 handle, which effectively set the near low of the day. The slight dip to 88 on 3,300 lots confirmed the low and showed the Composite Man was not interested in exploring lower territory. By 9:55 am, the seal was in–demand had the wheel.
The AM LOW arrived right on center‑time rhythm, with 3,200 lots tipping the operator's hand. This wasn't weakness–it was a controlled check for supply. The response made the intent clear: the Composite Man was preparing the tape for higher prints.
The Mid‑AM HIGH came an hour later at 11:30 am, again on center time. The 15 handle was checked repeatedly, suggesting the operator was testing overhead supply rather than distributing into it. The structure held, and the tape never showed the characteristics of a high‑of‑day reversal–just a measured pause.
The Lunch low drifted down into 1:00 pm, holding the AM LOW perfectly. No expansion of supply, no breakdown–just a quiet reconfirmation that the Composite Man had no interest in surrendering the morning's gains.
The Mid‑PM high at 2:30 pm returned to the 15 handle, another center‑time test. The repeated checks without rejection suggested absorption rather than exhaustion.
The Last‑Hour LOW delivered a higher low into the close, completing the S3L structure. The drift down lacked aggression, and the higher low confirmed the operator was still in control.
This was a textbook S3L day:
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early spill up,
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controlled AM LOW,
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mid‑AM expansion,
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lunch reconfirmation,
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mid‑PM retest of resistance,
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and a higher low into the close.
Nothing in the tape suggested distribution. Nothing suggested a failed rally. This was accumulation‑through‑time, not accumulation‑through‑price. The Composite Man was walking the market upward, testing supply at each center‑time window, and finding very little resistance worth respecting.
The Composite Man ends the session with the structure intact and the higher‑low sequence preserved. His posture remains constructive. He showed no interest in driving price lower, and every center‑time test confirmed the same message: supply is thin, and he is still the one steering the tape.
Tomorrow, he will likely continue pressing into the 15‑handle region, probing for the next layer of overhead supply.
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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