While these individuals appear somewhat confident in their belief of what's going on, that isn't to say that the process of constructing meaning is easy.
Therefore buoyant share prices today offer little information about whether the Fed's present tightening cycle will end happily—a matter on which opinion remains sharply divided.
Through their analysis, they also realized the immense difficulty of interpreting data on training to failure, making their outcomes, thus the graph, quite far from telling a clear story.