Water Traps

Just a perfectly normal 200-day moving average (yellow line, arrows) test by price for Dryships this week, I see. 

Along with solar, and you can see further FSLR damage today, shippers are likely not worth the trouble for anything more than a quick scalp, at least not yet and not until they saw better overall technical action on longer-term timeframes. 

Regarding equities at-large this morning, the Nasdaq is trying to reassert some dominance amid further benign consolidations in some of the extended parts of the market like financials and materials. 

Also note the continued weakness in bonds, adding more evidence to the thesis that a major inflection point is underway, i.e. their inability to stage even a modest relief rally.