That’s when diversification comes to our rescue. Most of the time, there will be atleast one asset class which tends to do well.
VIX is only at 12-13 and the markets are already so volatile. So, what you are saying actually makes sense purely looking at the VIX as an indicator + the factors you stated above.
Whereas, valuations are slowly coming to historical averages. so, its tricky. We have so many contrasting indicators right now.
And when things are tricky, what has worked for me is sitting aside. Do something else and let market give us the hint about the direction. Currently, what we have is more than usual CHAOS. 
