I think King is right that it's just a terminal tip. But in my very recent experience, on a Den Phal type, a flower spike can grow from the top even after it seems to have terminated.
The new growth on mine terminated with no flower spike and it terminated in a small bulge out the top. I can see similar bulges on some of the small old canes which have never flowered.
About a month after it terminated I found out that I should have been giving it higher light for it to flower. It had already been in my west facing window but on a really sunny day at the end of August I put it outside. I thought it was probably too late in the year to get a spike but just thought it might do the plant good.
It was in direct bright sun, but arround every half an hour to an hour I moved it into the shade so it had chance to cool before the sun moved round to it's new spot (trying to avoid sub-burn). I put it out again on a couple of other sunny days over the next 2 weeks, though non as hot as that first one.
Anyway to the side of that little terminating nub, but still out the top, a spike started (within a week of the first day outside). I don't know if it will get enough light or warmth to actually mature and flower now that we are moving in to winter, but I now know what to do next year.
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