When rates go down, stocks go down... right?

A historical look at each time Fed rates have gone up and down over the last 25 years.

Conventional education teaches us that as rates go up, stock (prices) go down.... but looking at the last 25 years, it seems like stocks go down when rates go down.

Am I missing something?

Assuming that rates will go down, this trend could mean stocks go down (possibly to the historically significant MAs)