Where was this shot taken from and where exactly is it looking? That is water, yes?

Top of second pitch, if I remember right, and yeah, there were odd pockets of water slowly flowing. You can see some water if you close up on the base in this shot too: mountainproject.com/v/nevada/red_rock/juniper_canyon/1069411>>>

I guess it had rained pretty heavily the week before.

Yeah, you can indeed see the water on the other photo that you linked. I've been up there twice and its always been bone dry. Pretty cool that you got to see water up there.