As investors seek to decipher whether the bull market in developing-nation stocks is the start of a bigger rally or a signal to take profit and run, the MSCI Emerging Markets Index is struggling to clear a key technical barrier. The gauge came within 0.2 percentage points of 832.81 Wednesday, but has since slipped back. A close above that level would mark a successful crossover of the so-called 38.2 percent Fibonacci Retracement of the decline from April to January, a buy signal to some investors.

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