Below is a graph of the ISE Equity Only 10 day moving average.
The high in January was 207. If the ISE equity closes at 240, where it stands as of when I am writing this post, the 10 day moving average will be 202 and another indicator will be in top territory. Below is a look at the raw data that makes up this indicator.
Taking a closer look at the raw data, we will be dropping a very low number today, which I highlighted in red. For the three days following we will be dropping medium readings, which I highlighted in orange, so its not impossible that the indicator will continue to rise through the end of the week.
To summarize, if we get continued call buying through the end of the day another indicator will be in the danger zone. However, it is possible for this indicator to continue higher through the end of the week which jibes with a top at options expiration.