📜 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 2,068 – 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 S1L NORMAL.
🎛️ Tape Read: 🏛️🐂💲 Early weakness → test below Globex break → responsive bid attempt → failure risk on retests of AM/Mid‑PM highs → downside continuation if supply remains dominant.
🧭 Honing Turns: Spill odds up → loupie loop → Last‑Hour odds low
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🧭 Why Tape Read?
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Spill down showed real supply, not noise.
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AM HIGH failed at a structurally important level.
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Lunch low and Mid‑PM high were stabilizing but not sponsored.
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Last‑Hour LOW held only halfway, signaling fragile demand.
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Globex took price _below_ cash lows, confirming unfinished business beneath.
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🌤️ MARKET WEATHER
A controlled‑weakness session where heavy spill‑down supply set the tone, AM strength failed beneath the prior close, and each intraday rally served only as a probe of thin demand, ending with a last‑hour fade and a Globex breakdown that confirmed the Composite Man's continued interest in exploring lower ground.
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📜 THE COMPOSITE MAN’S FOOTPRINTS
The session opened with a hard spill down, as 21,000 contracts hit the bid in a single wave. The Composite Man absorbed what he wanted, then held price in a tight range–his way of letting the market reveal whether the selling was emotional or structural. The early posture was clear: he was not defending price, but he was _watching_.
The AM HIGH arrived late and with strength, but it failed to recover the prior day's close. That failure was the tell. The Composite Man allowed the rally, but he did not sponsor it. This was a classic S2H signature: a counter‑move that looks strong on the surface but lacks the deeper sponsorship needed to reverse the spill.
The Lunch low brought 11,300 contracts as price held the bid. This wasn't aggressive demand–more like a stabilizing hand. The operator was not marking up; he was preventing disorder.
The Mid‑PM high recovered the opening balance, with 7,100 lots checking the rise. This was the day's second upward probe, and again it lacked the conviction of true sponsorship. The Composite Man was testing supply, not lifting price.
The Last‑Hour LOW held the halfway retracement, sealing the session's structure on 5,000 lots. This was the operator's final message: the day would end weak, but not broken. He allowed the decline but kept it orderly.
Globex later lost its bid, taking price below the cash lows and beyond. This confirmed what the day had hinted at: the Composite Man was not finished testing the downside.
This was a true S2H day:
* Spill down with heavy selling absorbed but not reversed
* AM HIGH that lacked sponsorship
* Lunch low stabilizing but not reversing
* Mid‑PM high probing overhead supply
* Last‑Hour LOW confirming weakness
* Globex breakdown validating the unfinished business below
The Composite Man was not accumulating. He was testing, allowing the market to show where real demand existed–and discovering that it was thin. Every rally was permitted, not sponsored. Every decline was controlled, not defended.
This is the operator's classic posture when he wants to explore lower levels before committing to any larger campaign.
The Composite Man ends the session in a downward‑probing posture. He allowed the early spill, permitted two weak rallies, and closed the day with a controlled decline. Globex's break below cash lows confirms that he is still searching for the level where real demand will appear.
Tomorrow, expect him to test lower first, then watch for responsive buying. If that buying appears with conviction, he may begin shaping a new support zone. If not, he will continue walking price down until the market reveals the next true stopping point.
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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