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Brazil's market is in a defensive regime.

Edition no. 6,634 · October 9, 2026 · Regime defensivo · for 131 days · reconstructed essentials · 2 min read

◦ Index methodology v2.2. See the methodology.

The continuity of recent days gave way to movement. The Perene Index marked 100 at the close.

The Pulse
Perene Risk Indexthe market’s structural state100/100Today → AT THE TOP
Ânima · structuralthe market’s prevailing risk appetite92/100Today ▲ +29
Ânima · short-termthe market’s recent move78/100Today ▲ +3
how to read?

The Perene Risk Index is stretched (100) while the month regime still reads defensive.

History favored gains — without unanimity.
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The Archive Remembers ◎

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

  1. ●Five years agoMay 31, 2021
    Ibovespa that day126,216 pts
    what happened in 6 months100,775 pts (-20%)
    Reread the edition of May 31, 2021 →
  2. ○First time in the archiveDecember 2000
    Ibovespa 15,425 → 14,048 pts (-9% in 6m) · reread →

In 60 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 +4.7% — 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. March 31, 2022Perene 100 · defensive
  2. December 31, 2018Perene 100 · risk-on
  3. November 30, 2018Perene 100 · risk-on
  4. December 31, 2017Perene 100 · risk-on
  5. June 30, 2016Perene 100 · neutral
  6. March 31, 2014Perene 100 · neutral
Today’s Read

The global backdrop is neutral and the intermarket neutral.

Observed distribution, not a forecast.

  • Ibovespa: 206,220 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. 6,634 · Regime defensivo · for 131 days · Radar Perene

Concepts: Brazil Regime · Intermarket BR · Historical Analogs · How to read: six steps · Methodology · Research & Laboratory ·Track record · See every extreme like this one in the Observatory →

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