Given the macro environment I see a few possibilities.....

A sell off on decent volume and the PPS collapses....that would be a bearish mid/long term signal.

A sell off but on light or average volume...imo that would be neutral in the short to mid term.

Holding steady on light average volume....neutral - moderately bullish

Holding steady on above average volume....moderately bullish

Climbing on light volume - bullish

Climbing on higher than normal volume...very bullish