fermataMarkup =
#(make-music 'MultiMeasureTextEvent
   'tweaks (list
             ; Set the 'text based on the 'direction
             (cons 'text (lambda (grob)
               (if (eq? (ly:grob-property grob 'direction) DOWN)
	         (markup #:musicglyph "scripts.dfermata")
	         (markup #:musicglyph "scripts.ufermata"))))
             (cons 'outside-staff-priority 400)))
\layout { 
  ragged-right = ##t
}
\relative c'' {
  R1
  a1^"should be lower"
  R1^"should be higher"
  \break
  R1
  R1^"should be lower"
  a1^"should be higher"
  \break
  a1^"should be above fermata"
  R1^\fermataMarkup
  \break
  a1_"should be below fermata"
  R1_\fermataMarkup
}