Personally, I like to combine Market Profile with other concepts so I can't really talk just about Market Profile but here is my thought for today:
Market looked strongly like a trend day yesterday but in reality it was not. The market formed a 'b' profile, indicating likely participation of long-term, patient buyers. Elecotronic markets generally fall quickly. Forming a 'b' on a big down day is generally indicative of a market that may reverse (which may end up as temporary but useful as a trader).
Re Today,
Raschke says that there is a very strong tendency for the market to trade below the previous days low when the market closes with extremely bad breadth. Yesterday was the worst breadth since 3/13. The market appears to want to do that given globex action.
Thus the market will be opening below yesterdays
POC. There is a stong tendency to want to touch previous days
POC. Buying Pressure.
The 2-period ROC is a George
Taylor type of gauge from the book 'Street Smarts'. It is buried and indicates there should be some buying pressure at some point today provided the market does not trade up first (which it isn't).
Buying Pressure.
I watch 'Summation Ticks' as an indicator of buy/sell programs that have become too one-sided. Sum-ticks are at an extreme today and due to flush up some today. Buying Pressure.
Re Momentum:
The market did make a momentum low yesterday using 60 & 120-minute oscillators. This calls for lower prices today. It looks like we will get that this morning. I will be watching for buy divergences on the next push down.
Net Net,
Expectation is for a morning reversal back up toward the 15-min 20-ema but will monitor the action closely to not get run over if the market does do the unlikely trend day (true trending days are quite rare). George
Taylor would call today a 'Buy Day lows made first'.
late caveat, the bond market is getting absolutely slammed today. The morning might have a strong move down -- usual reversal time is more in the 10am to 11:30am timeframe (EST).