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Brazil's market is in a defensive regime.

Edition no. 6,597 · August 18, 2026 · Regime defensivo · for 79 days · reconstructed essentials · 2 min read

◦ Index methodology v2.2. See the methodology.

Utilities lost relative ground in today's session. Today, the Perene Index closed at 19.

The Pulse
Perene Risk Indexthe market’s structural state19/100Today ▲ +19
Ânima · structuralthe market’s prevailing risk appetite21/100Today ▾ -6
Ânima · short-termthe market’s recent move33/100Today ▾ -5
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 agoAugust 2021
    Ibovespa 118,781 → 111,593 pts (-6% in 6m) · reread →
  3. ○First time in the archiveSeptember 2001
    Ibovespa 10,501 → 13,416 pts (+28% in 6m) · reread →

In 63 times the archive saw the market in a state like today’s since 2000, the Ibovespa was higher six months later 65% of the time — median +8.1% — not always upward. Explore the archive →

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. May 31, 2012Perene 19 · risk-on
  2. October 31, 2003Perene 19
  3. September 30, 2023Perene 20 · defensive
  4. April 30, 2005Perene 18
  5. July 31, 2025Perene 18 · defensive
  6. September 30, 2019Perene 21 · risk-on
Today’s Read

The global backdrop is neutral and the intermarket neutral.

Observed distribution, not a forecast.

  • Ibovespa: 166,335 pts
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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. 6,597 · Regime defensivo · for 79 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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