P9.1 Compute the arms index for the S&P ASX 200 over the following three days:

Number of Shares Number of Shares Volume for Shares Volume for Shares Day Rising in Price Falling in Price Rising in Price Falling in Price 1 350 150 850 million shares 420 million shares 2 275 225 450 million shares 725 million shares 3 260 240 850 million shares 420 million shares Which of the three days would be considered the most bullish? Explain why.