It seems that way right now. The important thing is the Index has nothing to do with predicting any spikes / pumps. There might be many of them at random (or not so random) times. The good thing is the index helps to call them "unsustainable pumps" or sell opportunities if you wish, until such price increases also show as positive changes on the index itself.

As far as this the last pump goes - I am more than 75% sure what caused it. There were 2 factors in my opinion. The first one was pump by someone on more than one coin, Steem happen to be one of those. The second I am sure I can prove, but to do that I will have to write a script. I do not feel like writing it and posting it so I can get a buck or two max as reward, and I am pretty certain on the reason, so why bother.