His Wednesday three-timer had seen the champion cut to 2-7 to land the title but despite another winner on Thursday he eased to 1-3 last night.
Spencer is now an 8-11 chance with totesport.
Kieren Fallon is pressing him strongly at evens after he supplemented his successes on Ad Valorem in the Queen Anne Stakes and Yeats in the Gold Cup with victory on Papal Bull in this afternoon’s King Edward VII Stakes.
So with the score standing at four-three in Spencer’s favour it is all to play for on the final afternoon.
Fallon has a full book of six rides, including Cover Up who is bidding for his third win in the Queen Alexandra Stakes, while Spencer has four mounts headed by leading Wokingham Stakes fancy Firenze.
Explaining the prices, totesport spokesman Damien Walker said: “We thought Spencer would have a poor day today and he’s drawn a blank and we also suspected Fallon might make up some ground.
“It’s now effectively a two-horse race and Fallon is only one behind so there is nothing in it and we’ve left Spencer marginally ahead as he has that one more winner.