Compute the Arms index for the S&P 500 over the following three days:

Day Number of Stocks Rising in Price Number of Stocks Falling in Price Volume for Stocks Rising in Price Volume for Stocks 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.