Hindsight Markets Small-cap stocks on September 30, 2026
TNON on September 30, 2026: why it ran
On September 30, 2026, TNON opened up 0.7% from the previous close of 2.73 and reached 5.04 at 11:20 a.m. ET. The exchange did not halt it.
- Previous close
- 2.73
- Open, 9:30 a.m.
- 2.75
- Gap at the open
- up 0.7%
- Pre-market high
- 2.99 at 8:30 a.m.
- High, 4 a.m. to 4 p.m.
- 5.04 at 11:20 a.m.
- Low, 4 a.m. to 4 p.m.
- 2.72
- After-hours high, 4 p.m. to 8 p.m.
- 4.45 at 4:08 p.m.
- Last trade before 4:00 p.m.
- 4.05
- Volume
- 18.27 million
- Relative volume
- 2.9x
- Float
- 972,127 shares, from filings as of September 30, 2026
- Shares outstanding
- 1.03 million
- Halts
- none in the halt feed
Replay TNON's day
It starts at 10:26 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 10:29 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The day, step by step
- Small cap
- Momentum
- Main move: late morning
- Catalyst: news (8:30 a.m.)
- Round-number break
- Ask walls above
- Lower high
- Float traded 17x
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.
Stop It's 11:16. TNON is at $4.55, after dipping from $4.84 at 11:07. Since 11:10, a wall of offers has sat at $5.36, peaking near 56,000 shares. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 11:16 a.m. ET for your call, then show what happened. The clip starts at 11:13 a.m. ET.
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.
Stop It's 11:20. TNON is at $4.83, up from $2.73 at the previous close. A new wall of 50,000 shares sits at $5.65, and the stock has been pushing against $4.96. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 11:20 a.m. ET for your call, then show what happened. The clip starts at 11:17 a.m. ET.
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.
Why it ran
News and SEC filings for TNON published between the previous session's close and the first minute TNON traded 20% above it, at 10:31 a.m. ET, newest first, from the same feeds the replay shows.
-
Tenon(R) Medical Announces Full Commercial Launch of the SImmetry(R)+ SI Joint Fusion 3D Printed Lateral Screw Following Successful Alpha Launch
News via Stock News API
How it traded
Intraday run. It opened up 0.7% at 2.75, then ran from the open to the high of 5.04 in 110 minutes.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 8:30 a.m. | News (Accesswire): Tenon(R) Medical Announces Full Commercial Launch of the SImmetry(R)+ SI Joint Fusion 3D Printed Lateral Screw Following Successful Alpha Launch | |
| 8:30 a.m. | Pre-market high, 2.99 | |
| 9:30 a.m. | The open: 2.75, up 0.7% from the previous close | |
| 10:31 a.m. | First trade 20% above the previous close of 2.73 | |
| 10:39 a.m. | Volume since 4:00 a.m. passes the whole float, 972,127 shares | |
| 11:20 a.m. | High of the day to the close, 5.04 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 4.05, 19.6% below the high |
The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.
The day in numbers
- From news to the move: the first trade 20% above the previous close came 2 hours 1 minute after the latest news item before it (Accesswire, 8:30 a.m.).
- Volume, from the one-minute bars: 33,894 shares before the 9:30 a.m. open (0%), 17,670 in the first 30 minutes (0%), and 18.21 million in the rest of the day to 8 p.m. (100%).
- Float rotation, the volume since 4 a.m. against the float of 972,127 shares: past it once at 10:39 a.m., twice at 10:44 a.m., three times at 10:53 a.m.
- Other days TNON met the small-cap rule in our recaps: 6, the latest on September 11, 2026.
Halts
The exchange's halt feed shows no halts for TNON that day.
On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.
Trade this day
Replay TNON on September 30, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.