📜 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 2,076 – Copyright (c) 2026. All rights reserved.
Keeping WB's Clock Alive Since 2017
————————-
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
————————-
📜 Good morning. Today is SERIES S2L.
🎛️ Tape Read: 🏛️🐂💲 Early balance → shallow dip to test Last‑Hour sweep → responsive bid → probe toward AM‑high zone → continuation only if buyers show real intent.
🧭 Honing Turns: Spill up → AM LOW → (NO MID AM) → lunch high→ mid pm low → Last‑Hour high
————————-
🧭 Why Tape Read?
*
Composite Man shaped controlled loupie‑loop drift
*
Spill‑down absorbed without structural damage
*
AM highs lacked true sponsorship
*
Last‑Hour sweep cleared weak hands
*
Globex hold confirms balanced posture
————————-
🌤️ MARKET WEATHER
A soft S1L session where an early spill‑down shook out weak hands, followed by a loupie‑loop drift that never attracted real sponsorship. AM strength checked the highs on modest volume, Mid‑AM found only a light bid, and lunch highs were capped on thin participation. The afternoon drift carried price lower without urgency, and the Last‑Hour sweep sealed the lows on a heavy liquidity flush. Globex held the cash close, confirming a controlled, low‑energy structure shaped by the Composite Man.
————————-
📜 THE COMPOSITE MAN’S FOOTPRINTS
The session opened with a hard spill down, as 32,100 lots came out in the first fifteen minutes. Price held just below the prior close–enough weakness to shake out the soft hands, but not enough to break structure. The Composite Man let the washout run its course.
This mattered because the prior day's AI strength had already drifted down to the halfway retracement, showing that the "strong close" wasn't truly sponsored. And YM's early strength faded quickly, confirming that the broader tape was not aligned with a markup attempt. The operator knew this, and he used the spill to clean the book.
The AM HIGH came on 6,600 contracts checking the 07, a controlled lift into the high of day around 10:30. No real supply appeared, but no sponsorship either. The Composite Man was letting the tape breathe, not pressing it.
The Mid‑AM HIGH drifted down into a light bid at 11:15–5,300 contracts at the 84 handle. This was the first sign of the day's true character: a loupie‑loop, not a trend. The operator was allowing price to cycle, not drive.
The Lunch high checked the 98 handle on 1,500 contracts at 12:50. Light volume, light intent. Bulls were present, but not committed.
The Mid‑PM period was a slow drift down–no bid, no urgency, just offerings being taken and some bids left behind. This is classic S1L behavior: the Composite Man lets the tape sag, not collapse.
The Last‑Hour low confirmed the structure. A liquidity sweep pushed price down into the lows, sealing 55,300 contracts at the 58 handle. This was the operator clearing the book before the close, not distributing. The sweep was mechanical, not emotional.
Globex held the cash close, showing the Composite Man was satisfied with the structure he built.
This was a clean S1L day:
* Spill down to shake out weak hands
* AM HIGH showing controlled, unsponsored lift
* Mid‑AM drift confirming a loupie‑loop structure
* Lunch high checked on light volume
* Mid‑PM drift showing no urgency from buyers
* Last‑Hour low confirming the S1L rhythm
* Globex hold validating the close
The Composite Man wasn't accumulating or distributing. He was balancing, letting the market cycle through its natural intraday loop. The prior day's AI drift and YM's failed strength told him the tape wasn't ready for markup, so he shaped a controlled low‑energy session instead.
The Composite Man ends the session in a neutral posture, comfortable with the low‑energy loop he created. He allowed the spill, allowed the drift, and allowed the liquidity sweep. Globex's hold of the cash close suggests he may test higher early tomorrow–but only to see whether sellers show up.
If they don't, he may begin shaping a slow upward probe.
The Composite Man leaves footprints for those who know where to look.
————————-
⚡ 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
————————-
✉️ 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.
————————-
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
————————-
Dates
📅 February 7 — Dog Moon, 7:11 a.m.
📅 April 21 — Spring Solstice (Equinox), 11:11 a.m. (all times EST)
————————-
💬 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.
————————-
Subscribe to The AM Turn
To receive The AM Turn in your inbox before the opening bell each trading day — complete with full Wyckoff analysis, turn seals, and Composite Man interpretation — you may secure your subscription here:
https://buy.stripe.com/fZe00T33v0ukd208wy
————————-
(c) 2026 The AM Turn. All rights reserved.
This commentary is intended for private circulation. You are welcome to share the newsletter with others whose judgment you respect.
Comments are closed