When you look at the 5-year smoothing curve: yes, it's more of a stall than a significant dip in the 70's. What's a whole lot more significant? The pretty constant rise in temps from 1980 onward.
And naturally: more little dips, blips, and stalls that you could talk about over that period, especially around the 2000's, but the 5-year smoothing curve sorts that out mostly.
Global warming is not tidy, uniform, or consistent. But it still trends in one obvious direction.