Has the Bear Market rally lost steam?

It seems everyone is sitting on their hands waiting for the other shoe to drop.  

In my estimation the DOW has temporarily topped out around 8,800.  It is currently hovering

between 8810 (50% retracement level) and 8261 (38.2% retracement level). 

The VIX (volatility index) appears to be setting up for a reversal to the upside.  The MACD and RSI are in position to make another move that should push the VIX into the danger zone between 35 and 40.

I have a strong feeling this bear market has lost some of it's steam.  A pull back below 8,000 is a good possibility and a retest of the 6,500 low is not out of the question.