Atlantic Jewel is clearly the benchmark runner in the Underwood Stakes but rival jockey Craig Newitt insists Foreteller is the forgotten horse in the weight-for-age race.

Newitt guided the Chris Waller-trained Foreteller to a second-up win in the Makybe Diva Stakes (1600m), lowering the colours of Melbourne Cup favourite Puissance De Lune in a thriller.

"I thought he beat him (Puissance De Lune) fair and square the other day," Newitt said.

"I know my bloke will improve. Obviously it's going to be a tough race but he'll be in the finish somewhere."

Atlantic Jewel is the $1.45 favourite to take her winning streak to 10 at Caulfield on Saturday while Puissance De Lune is the only other runner under double figure odds at $6.50.

She is a dominant Cox Plate favourite and the Underwood features six of the top 10 horses in the market for next month's $3 million race.

Foreteller is at $26 in first Underwood markets despite his last-start Group One win.

Newitt said he formed a good understanding of Foreteller in his first race ride on the import last start and is expecting him to be finishing strongly.

Foreteller, who has won two of his three Caulfield starts including the Group Two Peter Young Stakes over the Underwood Stakes 1800m course, has barrier 11 while Atlantic Jewel has gate seven.

Puissance De Lune, chasing his first Group One victory, has to contend with the outside barrier.

Owner Lloyd Williams has last year's Melbourne Cup winner Green Moon and import Sea Moon entered while the Murray Baker-trained It's A Dundeel will be out to become the third New Zealand-trained four-year-old entire to win the race in the past three years.

Atlantic Jewel is backing-up after her easy win in the Group Two Stocks Stakes last Saturday at Moonee Valley.

Rival trainer Roger James believes Silent Achiever, one of 11 Group One winners in the field, will run a cheeky race but the acceptance of Atlantic Jewel has him realistic about her winning prospects.

"It would be an enormous upset to win it because Atlantic Jewel looks freakish, but I could see us getting some of the (prize) money, certainly," James said.