How to perform trend analysis on symbols

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I have a sheet where I have two columns that show status (current and previous). These are represented by the colored dots (Red, Yellow, Green, Gray). I am trying to show tend on these status items with the following logic:

=IF([Trend - Last Report status]1 = [Overall Status]1, "Sideways", IF([Trend - Last Report status]1 < [Overall Status]1 "Up", "Down"), "")

Is this possible when using symbols or will I need to build IF logic to perform text matching i.e.

=IF([Trend - Last Report status]1 = [Overall Status]1, "Sideways", IF([Trend - Last Report status]1 = "Red", IF( [Overall Status]1 = "Yellow", "Up", ....... and so on.

Any help would be appreciated.

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