Recaps · September 30, 2026

TNON, September 30: the $3 break, walls above, and $5.04

• Small cap
• Momentum
• Main move: late morning
• Catalyst: news (8:30 a.m.)
• Round-number break
• Ask walls above
• Lower high
• Float traded 17x

Float

972,127 shares

Volume

18.27 million shares

Previous close

$2.73

Open

$2.75 (up 0.7%)

High

$5.04 at 11:20 a.m.

Close

$4.05

Pre-market: a headline and $2.99

TNON closed the day before at $2.73. The first trade on the 30th came at 4:13 a.m., also at $2.73. For four hours after that it traded in tiny amounts, mostly between $2.73 and $2.77.

At 8:30 a.m. Accesswire ran: “Tenon(R) Medical Announces Full Commercial Launch of the SImmetry(R)+ SI Joint Fusion 3D Printed Lateral Screw Following Successful Alpha Launch”. The 8:30 minute ran from $2.75 to $2.99, the pre-market high. It closed that minute at $2.96.

It did not hold. By 8:53 a.m. it was back at $2.75. 33,894 shares traded before the bell.

The open and the break of $3

It opened at $2.75, up 1% from the previous close. For the next 55 minutes it stayed under the pre-market high. It did not trade above $2.99 until 10:25.

At 10:25 a.m. it cleared $2.99 and traded through $3.00 for the first time. Volume was still small, about 1,000 shares in that minute. Then it picked up. The 10:32 minute traded 59,855 shares. From $2.83 at 9:55 it ran to $3.81 at 10:38, up 35%.

By the end of the 10:40 minute, more shares had traded in the regular session than exist in the whole float (972,127). The 10:39 minute dipped to $3.35. Then it ran to $4.12 at 10:41, up 23%, on 339,070 shares in that single minute.

The bid at $3.50, then $4.84

From 10:42 a.m. on, a large bid sat at exactly $3.50, below the price.

The stock pulled back to $3.52 at 10:54, just above that bid. From $3.53 at 10:55 it ran to $4.84 at 11:07, up 37%.

The walls above $5

At 11:10:55 a wall of offers appeared at $5.36. It peaked near 56,000 shares, about 6% of the float. The stock was well below it, at about $4.42.

Here's what happened. At 11:16:48 one buy order swept 32,512 shares from $4.79 to $4.86 across 8 levels. At 11:18:18 the $5.36 wall was pulled. The size left the book without trading there. At 11:18:58 another buy swept 36,366 shares from $4.81 to $4.91. Four seconds later, at 11:19:02, a sell swept 53,731 shares from $4.86 down to $4.79. At 11:19:33 another sell took 30,490 shares from $4.87 to $4.78.

At 11:19:40 a new wall appeared, 50,000 shares at $5.65.

Here's what happened. At 11:20:46 a 52,752-share buy swept six levels from $4.99 to $5.04. That was the high of the day, $5.04, up 85% from the previous close. The 11:20 minute traded 661,999 shares, more than any other minute that day. It closed at $4.55.

The next minute's low was $4.31. The $5.65 wall was pulled at 11:21:40 without the stock getting near it. By the end of the 11:21 minute, about 10 million shares had traded in the regular session, over ten times the float.

The drop and the lower high

It slid to $3.94 at 11:40 a.m., down 22% from $5.04. Then it came back once more. At 11:47 a.m. it pushed to $4.34, a lower high under the $5.04 top.

At 12:01:35 two sells swept the book, 37,842 shares from $4.01 to $3.95 and 53,059 shares from $3.95 to $3.82. At 12:25:11 a 74,417-share sell went from $3.80 to $3.72. That $3.72 was the low of the afternoon.

Afternoon: walls and the close

Offers showed up above the price again: 50,195 shares at $4.66 from 12:38, and a $4.20 wall from 12:43 that peaked at 52,400 shares at 1:06 p.m. At 2:04 p.m. a 45,305-share buy swept 14 levels from $4.02 to $4.15, and the 2:05 minute reached $4.20. Offers at $5.02 had first shown at 11:20:56, ten seconds after the top, and reached 76,364 shares by 2:04 p.m.

At 3:06:51 p.m. the $3.50 bid was pulled: the size left the book without trading there. The $4.20 wall was pulled at 3:49 p.m. and the $4.66 wall at 3:56 p.m.

It closed at $4.05, 20% under the $5.04 high. After hours it fell to $3.77 at 4:03 p.m. and jumped to $4.45 at 4:08 p.m. 1,360,322 shares traded after the close.

By the close, 16.87 million shares had traded in the regular session: the float changed hands about 17 times, at about 3 times its normal volume.

What to take from it

• After the top, the next push stopped lower. $5.04 at 11:20 a.m., then $4.34 at 11:47 a.m.
• A wall that gets pulled has not been beaten. The $5.36 and $5.65 walls both left without being traded through, and the stock topped out at $5.04 below both.
• The biggest-volume minute of the day was the top. The 11:20 minute traded 661,999 shares, and that is where the high was.