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Discover LudwigSuggestions(5)
No, the phrase "index indicate" is not correct or usable in written English.
It is an incomplete sentence and does not make sense on its own. It is possible that it was meant to be part of a longer sentence, such as "The index indicates a downward trend in the stock market." In this case, it is grammatically correct and can be used to convey information about a specific index and its indication of a trend.
Exact(38)
Numbers below 50 on the 100-point index indicate contraction.
Entries in its index indicate the scope of its pessimism.
Readings below 50 in the index indicate more builders view market conditions as poor rather than favorable.
Higher values of this index indicate that a country is more open to cross-border capital transactions.
Therefore, values greater than one of the input-oriented version of the Malmquist index indicate an improvement.
Numbers from the Global Web Index indicate that right now there is a significant crossover between the two services, with half of all Spotify users also using iTunes in the last month.
Similar(22)
A nonmanufacturing index indicates expansion in August.
"Looking at the last three months, the index indicates that consumers remain cautious with their spending.
The history of the present-conditions index indicates that public perceptions often trail reality.
A reading above 50 on the index indicates growth in manufacturing, while a reading below that level indicates a slowdown.
The New York Federal Reserve Bank's Empire State index indicated that manufacturing activity in New York State continued to weaken in June.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com