TNON on September 10, 2026: why it ran

The day, step by step

• Small cap
• Momentum
• Main move: the afternoon
• Gap up, grind, late run
• News on the day
• Round-number break
• Float traded 38x
• Lower high, faded

The day before

On September 9, TNON opened at $3.32 and traded between $2.17 and $4.57. It closed at $2.44.

At 8:30 that morning, Accesswire carried a headline: “Tenon Medical Announces Early Repayment of Its Convertible Notes.” Its last after-hours trade was at $3.02, above the $2.44 close.

Pre-market: the float traded by 4:13 a.m.

The first trades on the 10th were at $3.36, already above the $2.44 close. The 4:00 a.m. minute low was $3.12. By 4:01 a.m. it had hit $4.22, up 35% from that low.

By 4:13 a.m., more shares had traded than exist in the whole float (972,127). Then it settled. It drifted between about $3.40 and $3.90 for most of the pre-market. By 8:58 a.m. the volume was nearly ten times the float.

At 8:58 a.m. a 69,210-share buy sweep went through nine price levels, from $3.98 to $4.06. The pre-market high was $4.39 at 9:09 a.m. 13.12 million shares traded before the bell.

The open and the $5.00 wall

From 8:58 a.m., the Level 2 book showed a large ask wall at exactly $5.00.

It opened at $4.20, up 72% from the previous close. At 9:32 a 114,227-share buy sweep went through 14 levels, and it reached $4.89 at 9:33. Then it chopped between about $4.41 and $4.92 through 9:47.

Here's what happened. At 9:48:48 a 77,782-share buy swept nine levels, from $4.89 to $4.97. The minute's high was $4.98. It didn't print $5.00 that minute, and the 9:48 candle closed at $4.88. The wall stayed. It peaked at 79,318 shares at 9:53 a.m., about 8% of the float.

At 9:50 Benzinga ran a headline: “Tenon Medical Stock Surges Thursday: What's Driving the Action?” It was already off the high by then.

Four hours of grinding

The 10:05 candle fell from $4.62 to $4.46. After the open, the low was $3.96 at 10:22. A second ask wall, at $4.80, was first seen at 9:58 and grew to 78,685 shares by 10:21.

After that it went quiet. From late morning through early afternoon it mostly held between about $4.10 and $4.45. At 12:10 it dipped to $4.10, then recovered. Bid walls came and went underneath. One at $4.00 peaked at 106,257 shares at 12:50 p.m. Others at $3.36 and $4.20 were pulled at 12:47 and 1:02 p.m.

At 1:59 p.m. the low was $4.26. It started to firm at 2:00. At 2:14 a 77,982-share buy swept eight levels, from $4.40 to $4.47. At 2:20 it was $4.51 at the open of the minute.

2:22 p.m.: price nears the walls

At 2:22:09 a 75,684-share buy swept nine levels, from $4.60 to $4.68. At 2:22:12 the $4.80 wall started trading. 36,261 shares traded at exactly $4.80, and that wall was gone a second later.

At 2:22:57 the first trade printed at $5.00. In under a second, 61,451 shares traded at exactly $5.00 and the wall was gone. It wasn't pulled. Buyers ate it. A 104,960-share buy swept 14 levels, from $4.94 to $5.07. It was the first trade through $5.00 all day.

The 2:22 minute traded 1.12 million shares and ran from $4.58 to $5.24. The next minute reached $5.77 at 2:23, up 35% from the $4.26 low at 1:59. At 2:25 an ask wall of 75,354 shares appeared at $5.94. It was pulled at 2:29.

After the first spike

After 2:23 it held a range. It went from $5.77 down to $5.03 at 2:37, then back up to about $5.30. At 2:44 the low was $5.09.

At 2:48:04 a 144,823-share buy swept 35 levels, from $5.60 to $5.94. That was $5.94, the regular-session high, up 143% from the previous close. The 2:48 minute closed at $5.57, and the next minute dipped to $5.33. The low at 2:50 was $5.15.

The rest of the day

It came back once more. At 3:17 p.m. it pushed to $5.55, a lower high under $5.94, and the minute closed at $5.21. Then it ranged between about $5.07 and $5.47.

At 3:51, three prints of 22,521, 19,450 and 29,088 shares crossed at $5.31. It closed the regular session at $5.30, up 117% on the day. 36.72 million shares traded from 9:30 to 4:00, so the float changed hands about 38 times.

After hours

At 4:01 p.m., after the close, a Form 4 was filed. In that minute the price went from $5.25 to $5.62 and back to $5.58.

The day's overall high came later: $6.10 at 4:29 p.m. After-hours volume was 5.11 million shares.

What to take from it

• A big ask wall at a round number can hold for hours, then go in a second. Here $5.00 stood from 8:58 a.m. and was gone in under a second at 2:22 p.m.
• Buying just after a wall breaks costs more than the screen says. The book above was thin: 35 shares at $5.07, and 5,000 shares averaged $5.14.
• After the top, the next push stopped lower. $5.94 at 2:48 p.m., then $5.55 at 3:17 p.m.

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