Brazil's market is in a defensive regime.

Edition no. 342 · July 6, 2026 · Regime defensivo · for 187 days · reconstructed essentials

Reconstructed essentials — the full citable archive starts on a later date.

The Pulse

Perene Risk Indexthe market’s structural state86/100Today ▾ -14

Ânima · structuralinvestors’ prevailing mood45/100Today ▲ +12

Ânima · short-termthe market’s recent move77/100Today ▲ +2

Structural mood (Ânima 45) and recent move (77) diverge.

The Archive Remembers ◎

Other times in this same defensivo regime — what the Radar read, and what followed.

●A year agoJuly 31, 2025
Ibovespa that day133,071 pts
the archive suggested+4% in 6m hist. median
what happened in 6 months181,364 pts (+36%)
Reread the edition of July 31, 2025 →
○Five years agoNovember 2021
Ibovespa 101,915 → 112,393 pts (+10% in 6m) · reread →
○First time in the archiveJune 2014
Ibovespa 53,168 → 50,594 pts (-5% in 6m) · reread →

Across 36 matured readings, the reading’s direction held 78% of the time — not always upward. Explore the archive →

Today’s Read

The global backdrop is calibrating and the intermarket strong risk-off.

Observed distribution, not a forecast.

For the Next Edition

The next reading arrives on the next business day — the regime is monthly, and the daily pulse carries the change until month-end.

Regime defensivo · for 187 days