I am a retired Wall St investment banker...back in the good old days when a man's handshake was his word and bond.
Things have change a great deal, but I am still a good agent at assessing financial intel.
Banks nor the Fed itself buy large amounts of equity (the Fed buys none). As an investor, I would see the markets move to reflect this if it were so...it is not.
That said, the injection of Fed funds into the market in bonds would still produce a positive correlation between QE and a rise in the S&P.
I was a senior investment banker, able to commit my firm's capital without the need for higher approval...what are your credentials.
Just my experience, my gut, and wisdom as the Lord provides.
A man's word is no longer as good as his bond, and the Fed and the markets are snake pits.
You don't see this? Why? Normalcy bias? Because you knew what you used to know?