Well yeah

-Bad economic data (on unemployment and growth) makes the FED drop rates. But there can be other causes (like inflation getting under control after a soft landing). And in fact there are pivots that are not underlined in you graph (like always with you 🏳️‍🌈 astrologer bears)

• Bad economic data also makes the S&P drop

But it doesn't mean that the market will go down when the FED pivots and that you should be bearish because the FED might pivot