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Brazil's market is in a defensive regime.

Edition no. 6,583 · July 29, 2026 · Regime defensive · for 59 days · 2 min read

◦ Index methodology v2.2. See the methodology.

Over the session, utilities lost relative ground. The day's reading came in at 25.

The Pulse
Perene Risk Indexthe market’s structural state25/100Today ▾ -20
Ânima · structuralthe market’s prevailing risk appetite51/100Today ▾ -3
Ânima · short-termthe market’s recent move51/100Today ▾ -7
how to read?
Risk below the territory's midline.
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The Archive Remembers ◎

Other times the archive saw the market in a state like today’s — what came next.

  1. ●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 →
  2. ○Five years agoJune 2021
    Ibovespa 126,802 → 103,922 pts (-18% in 6m) · reread →
  3. ○First time in the archiveJanuary 2000
    Ibovespa 16,388 → 16,290 pts (-1% in 6m) · reread →

In 61 times the archive saw the market in a state like today’s since 2000, the Ibovespa was higher six months later 61% of the time — median +2.7% — not always upward. Explore the archive →

What Usually Comes Next
Analogous cases — what came next
  • 3M: higher 56% · median +2.3%
  • 6M: higher 52% · median +0.7%
  • 12M: higher 68% · median +12.1%

Observed distribution, not a forecast · e.g. 2023-10, 2014-01, 2014-02 · how the analogs are built →

Gravitational neighbors — days that behave like this one, from any era
Editions in a similar state

Other editions the archive read in a market state close to today’s — same neighbourhood of the Perene Risk Index.

  1. September 30, 2003Perene 25
  2. March 31, 2019Perene 26 · neutral
  3. April 30, 2020Perene 24 · risk-on
  4. November 30, 2022Perene 26 · defensive
  5. January 31, 2014Perene 24 · neutral
  6. November 30, 2009Perene 24
Today’s Read

Historically similar cases produced a median Ibovespa return of +0.7% over six months, with 52% positive episodes (n=25).

Observed distribution, not a forecast.

  • Cyclicals / defensives: defensives ahead, well below its historical norm
  • Ibovespa: 173,885 pts, +30.2% in 12 months
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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.

Edition no. 6,583 · Regime defensive · for 59 days · Radar Perene

Concepts: Brazil Regime · Intermarket BR · Historical Analogs · How to read: six steps · Methodology · Research & Laboratory ·Track record · Every defensive stretch in the Observatory →

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