The steepest rally since 2009 in emerging markets is under threat as shares reach a threshold that spurred losses every time it was crossed in the past four years. The relative strength index of the MSCI Emerging Markets Index is at the highest since 2010 on a weekly basis, signaling stocks may have risen too rapidly. Equities declined at least 16 percent after reaching this level in 2012, 2013 and 2014.
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