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Reference to the technical definition of bear market rally or the beginning of a bull market, let us examine the following indexes:

Dow
Low at 7449 on 21 Nov 2008
Now at 9015
Up 21%
Technically, it can be either bear market rally or the beginning of a bull market.

HSI
Low at 10676 on 27 Oct 2008
Now at 15509
Up 45%
Technically, it is at the beginning of a bull market.

Nikkei
Low at 6994 on 28 Oct 2008
Now at 9080
Up 29%
Technically, it is at the beginning of a bull market.

STI
Low at 1473 on 28 Oct 2008
Now at 1913
Up 29%
Technically, it is at the beginning of a bull market.

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