B3 / Ibovespa Daily Report · February 26, 2026 · Covering February 25 Session
The Big Three
Ibovespa breaches 192,000 for the first time in history — then gives it all back. The index surged to a new all-time intraday high of 192,623.56 in the opening minutes, but profit-taking in banks and Petrobras dragged it to a close of 191,247.46 (−0.13%). The session marked the first pause after 13 record closes in 2026, on R$28.1 billion turnover.
Real punches to May 2024 low as USD/BRL drops to R$5.124. The fifth consecutive session of BRL strength pushed the dollar to its weakest close since May 21, 2024. The DXY slipped 0.23% to 97.65, while cumulative 2026 foreign inflows into B3 now exceed R$35.6 billion — already surpassing all of 2025’s R$25.4 billion total.
Vale saves the tape while retail and banks drag: VALE3 +2.55%, Santander units −3.9%, Assaí −4.4%. Vale’s fifth consecutive gain capped index losses given its 11%+ weight. GPA’s R$500M+ quarterly loss triggered a retail sector rout, while banking names sold off broadly on AI disruption concerns and profit-taking. Wall Street rallied (S&P 500 +0.81%, Nasdaq +1.26%) ahead of Nvidia earnings.
01Session Data
| Metric | Value | Change |
|---|---|---|
| Ibovespa Close | 191,247.46 | −0.13% |
| Session High | 192,623.56 | ATH intraday |
| Session Low | 190,419.00 | afternoon dip |
| USD/BRL | 5.124 | −0.60% |
| DXY | 97.65 | −0.23% |
| S&P 500 | 6,946.13 | +0.81% |
| Dow Jones | 49,482.15 | +0.63% |
| Nasdaq | 23,152.08 | +1.26% |
| VIX | 19.55 | prev close |
| Brent Crude | $70.85 | +0.11% |
| Iron Ore (62% Fe SGX) | $96.70 | ~flat |
| Gold | $5,144 | −1.23% |
| Bitcoin | $66,131 | +3.04% |
02Key Movers
| Stock | Sector | Change | Catalyst |
|---|---|---|---|
| VALE3 | Mining | +2.55% | 5th straight gain; near 52-week high R$91.62; Itaú BBA ADR upgrade |
| BBAS3 | Financials | +1.70% | Defensive bank bid; outperformed peers amid sector rotation |
| BPAC11 | Financials | +1.03% | Continued momentum post-Q4 beat; capital markets activity strong |
| PETR4 | Energy | 0.00% | Flat; profit-taking after prior ATH adjusted for proventos |
| SANB11 | Financials | −3.90% | Heaviest bank selloff; AI disruption fears + sector profit-taking |
| ASAI3 | Retail | −4.39% | Sympathy sell on GPA R$500M+ quarterly loss; Selic 15% debt pressure |
03Market Commentary
The Ibovespa touched a new all-time intraday high of 192,623.56 in the opening minutes on Wednesday, breaching 192,000 for the first time in history. But the momentum faded through the afternoon. By mid-session the index had already turned red, pressured by profit-taking in Petrobras and a broad selloff in banking names. At the close, it settled at 191,247.46 — barely down 0.13% — holding the 191K floor but unable to defend its fresh record. Volume was solid at R$28.1 billion, though below Tuesday’s R$32.98 billion.
The session’s internal story was one of sharp divergence. Vale was the clear standout, rallying 2.55% to R$89.97 for its fifth consecutive gain, single-handedly preventing a deeper pullback given its 11%+ weight in the index. The miner is trading near its 52-week high of R$91.62, powered by renewed institutional interest and Itaú BBA’s upward ADR price revision. Petrobras ended essentially flat, with ON shares up just 0.28% and PN unchanged, as crude oil gave mixed signals — Brent edged up 0.11% to $70.85 while WTI slipped 0.32%.
Banks were the session’s main drag. Santander units (SANB11) dropped nearly 4%, Itaú preferreds (ITUB4) lost more than 1%, and Bradesco preferreds (BBDC4) also declined. João Abdouni of Levante Inside Corp attributed the financial sector weakness to growing global AI disruption concerns, noting that “the advancing AI implementations bring uncertainties about business models, competition, investment needs, and possible regulatory changes.” The lone bright spots were Banco do Brasil (BBAS3, +1.70%) and BTG Pactual (BPAC11, +1.03%). Retail was the worst-performing segment — GPA reported a quarterly loss exceeding R$500 million, sending its shares down 2.24% and triggering sympathy selling in Assaí (−4.39%) and Magazine Luiza.
In the political sphere, an AtlasIntel poll showed Senator Flávio Bolsonaro (PL) numerically tied with President Lula in a second-round scenario for October 2026 — a first. Ian Lopes of Valor Investimentos noted the market “sees with better eyes a candidate more to the right, more pro-market, more pro-privatizations.” Meanwhile, the Treasury reported a historic January fiscal surplus of R$86.9 billion, the largest ever for the month — reinforcing the narrative that Brazil’s primary fiscal accounts are stabilizing.
04Technical Analysis
Daily (1D):
The daily chart shows a textbook rejection candle at the 192K handle. The Ibovespa opened near Tuesday’s record close at 191,490, surged to 192,623 — a new ATH — then sold off through the body to close fractionally lower at 191,247. The upper wick above 192K signals that sellers are present at these levels, though the lack of follow-through selling keeps bulls in control of the broader structure. The Tenkan-sen at approximately 188,957 provides immediate dynamic support, while the Kijun-sen in the 183,121 zone offers secondary support. The Ichimoku cloud spans roughly 173,906–179,460 (Span B to Span A), well below price, confirming the deeply bullish posture. The 200-day SMA at 150,004 is 21.6% below the current level.
Momentum indicators are flashing caution. The RSI reads 69.79 (fast) and 69.52 (slow), pressing against the 70 overbought threshold — not yet a sell signal but clearly stretched. The MACD lines at 5,373.10/5,173.79 remain positive, but the histogram at −199.31 continues to print negative bars, signalling that upward momentum is decelerating even as price holds near all-time highs. This bearish divergence between price (near ATH) and MACD histogram (negative and deepening) warrants monitoring. A pullback toward the Tenkan-sen at 188,957 would be healthy and constructive; a break below the Kijun at 183,121 would signal a more meaningful correction.
| Level | Price | Reference |
|---|---|---|
| Resistance 3 | 195,000 | Psychological / projected BB expansion |
| Resistance 2 | 192,624 | Intraday ATH (Feb 25) |
| Resistance 1 | 191,491 | Feb 24 record close |
| Pivot | 191,247 | Feb 25 close |
| Support 1 | 188,957 | Tenkan-sen / BB midline area |
| Support 2 | 183,121 | Kijun-sen |
| Support 3 | 179,460 | Cloud top (Senkou Span A) |
05Forward Look
Nvidia Earnings Aftermath.
Nvidia reported after the bell Wednesday, alongside Salesforce and Snowflake. Given the intense AI-disruption selloff earlier this week, the results will set the global risk-on/risk-off tone for Thursday’s session. A strong print should extend the tech rebound and reinforce the tailwind for B3; a miss could reignite displacement fears and pressure emerging markets.
Petrobras Q4 Earnings (March 5).
Brazil’s largest company reports next week. With shares near all-time highs adjusted for proventos, expectations are running high. Dividend guidance and capex signals will be scrutinized given the stock’s 11.5% index weight and the recent flat performance suggesting the market is already pricing in a solid quarter.
US Tariffs, Fed Data, and Election Narrative.
Trump’s 15% global import duty implemented this week and the State of the Union focus on domestic priorities rather than tariff escalation provided modest relief. Markets now watch upcoming nonfarm payrolls and inflation data to recalibrate Fed rate-cut expectations, currently pricing three cuts for 2026. The Bolsonaro-Lula dead heat in polling adds a new layer to the October 2026 election narrative that could become a medium-term driver for equities.
Verdict
Wednesday’s session was the market catching its breath, not losing conviction. The Ibovespa touched 192,623, failed to hold, and gave back a negligible 0.13% — a controlled retreat after 13 record closes this year. The real story isn’t the pullback but the floor: 191K held, buyers emerged on every dip, and turnover was solid at R$28 billion.
The structural bull case remains intact. Foreign flows of R$35.6 billion year-to-date already exceed all of 2025’s R$25.4 billion. The real is at its strongest in nearly two years. The January fiscal surplus broke records at R$86.9 billion. And the election narrative just gained a market-friendly dimension with Flávio Bolsonaro polling neck-and-neck with Lula for the first time.
The risk comes from altitude. RSI at 69.8 is flirting with overbought, the MACD histogram is printing negative bars at −199, and the rejection candle at 192K signals that sellers are positioned at the highs. A consolidation toward the Tenkan-sen at 188,957 would be healthy and constructive, allowing the moving averages to catch up before the next leg. Any reversal in EM rotation or exogenous shock (tariff escalation, Iran, Nvidia miss) could trigger a sharper pullback to the Kijun at 183,121.
Bias: BULLISH · trend intact but tactically stretched, watch for consolidation toward 189K