Brazil's BOVESPA @ a 'low'?

BOVESPA Weekly Chart @ Close 05/25/2012

Brazil's BOVESPA has borne the brunt of the 'risk-off' in the EM/ Commodity 'space, so perhaps its 'long indecisive' candle pattern for last week suggests at the very least some attempt for a counter-rally in risk-assets?

That said, S&P futures action Monday and the poor close post- European trading suggests that US markets will open Tuesday 'on the back foot'.

Brazil did rally nicely Monday; scoring a 1.38% gain, Resistance now @ the 56,700/750 level to suggest a 'meaningful' low has been witnessed.