Hindsight Markets Recaps Small-cap stocks on September 24, 2026
PMAX, September 24: seven halts, $2.81, and the $2.01 wall
PMAX opened up 12%, ran to $2.81 through seven halts, then gave back most of the run by the close.
What happened
Draft for review. Not published.
No news, a huge reopen
PMAX had no news headline. It opened at $1.02, up 12%, and was halted at 9:38:21 at $1.29. It reopened at 10:08:41 at $2.34, 81% higher, and hit $2.81 that minute.
A swing after $2.81
The next halt, at 10:08:56, froze it at $2.81. It reopened 32% lower, at $1.90.
Stop It's 10:34. PMAX is at $2.53. It reopened from its fifth halt about three minutes ago at $2.16, and the high of the day so far is $2.81. Would you buy here?
Press play: the real Level 2, tape and chart run from 10:31 a.m. and stop at 10:34 a.m. ET for your call.
It pushed to $2.80 at 10:35 but could not top $2.81. By 10:43 it was at $2.22.
The $2.01 wall
The drop met a wall of sellers at $2.01.
Stop It's 10:49. PMAX has been halted since 10:44:51 with the last trade at $2.01. An ask wall of about 159,000 shares had been offered at $2.01 just before the halt. Would you buy the reopen?
Press play: the real Level 2, tape and chart run from 10:46 a.m. and stop at 10:49 a.m. ET for your call.
Buyers ate the wall in under a second after the 10:49:51 reopen. It reached $2.46 a minute later, then faded. It closed at $1.64, 42% under the high.
What to take from it: On this day, every push after the $2.81 top stopped lower, and it closed 42% under it.
Replay PMAX's day
It starts at 9:34 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 9:37 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The details
How it traded, step by step
Gap, run, gave some back. It gapped up 11.7% to $1.02 at the open, ran from the open to the high of $2.81 in 38 minutes through a halt, then gave back 65% of that move by 4:00 p.m., trading at $1.64, still above the open.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:54 a.m. | Pre-market high, $1.07 | |
| 9:30 a.m. | The open: $1.02, up 11.7% from the previous close | |
| 9:37 a.m. | First trade 20% above the previous close of $0.9135 | |
| 10:08 a.m. | High of the day to the close, $2.81 | |
| 10:19 a.m. | Volume since 4:00 a.m. passes the whole float, 1.31 million shares | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $1.64, 41.6% below the high |
The shape's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $0.9135
- Open, 9:30 a.m.
- $1.02
- Gap at the open
- +11.7%
- Pre-market high
- $1.07 at 7:54 a.m.
- High, 4 a.m. to 4 p.m.
- $2.81 at 10:08 a.m.
- Low, 4 a.m. to 4 p.m.
- $0.91
- Close, 4 p.m.
- $1.64
- Change at 4 p.m.
- +79.5%
- After-hours high, 4 p.m. to 8 p.m.
- $1.96 at 4:10 p.m.
- Volume, 4 a.m. to 4 p.m.
- 21.82 million
- Volume after hours, 4 p.m. to 8 p.m.
- 1.94 million
- Relative volume by 8 p.m.
- 463.7×
- Float
- 1.31 million shares, from filings as of September 24, 2026
- Shares outstanding
- 1.96 million
- Volume, from the one-minute bars: 103,173 shares before the 9:30 a.m. open (0%), 89,527 in the first 30 minutes (0%), and 23.57 million in the rest of the day to 8 p.m. (99%).
- Float rotation, the volume since 4 a.m. against the float of 1.31 million shares: past it once at 10:19 a.m., twice at 10:32 a.m., three times at 10:34 a.m.
- Other days PMAX met the small-cap rule in our recaps: 2, the latest on October 1, 2026.
On the day's lists: the intraday runners. It is here because it was in play on the intraday runners: up 30% or more on $3 million or more really traded, outside the small-cap rule's price, relative volume or float, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (7)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed | Watch it |
|---|---|---|---|---|---|---|---|
| 9:38 a.m. | 10:08 a.m. | 30 min 19 s | up 27.7% | $2.34, up 81.4% | LULD pause (limit up-limit down) | ||
| 10:08 a.m. | 10:13 a.m. | 5 min 0 s | up 117.8% | $1.90, down 32.4% | up 20.0% | LULD pause (limit up-limit down) | |
| 10:14 a.m. | 10:19 a.m. | 5 min 0 s | down 18.9% | $2.29, up 0.4% | down 20.1% | LULD pause (limit up-limit down) | |
| 10:20 a.m. | 10:25 a.m. | 5 min 0 s | down 19.7% | $1.68, down 8.2% | LULD pause (limit up-limit down) | ||
| 10:25 a.m. | 10:30 a.m. | 5 min 0 s | up 10.4% | $2.12, up 4.7% | up 22.9% | LULD pause (limit up-limit down) | |
| 10:44 a.m. | 10:49 a.m. | 5 min 0 s | down 21.8% | $2.01, unchanged | up 13.9% | LULD pause (limit up-limit down) | |
| 10:57 a.m. | 11:02 a.m. | 5 min 0 s | down 24.1% | $1.91, up 6.1% | up 2.1% | LULD pause (limit up-limit down) |
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
Trade this day
Replay PMAX on September 24, 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.