Excellent.
This is probably the best introduction you could get to ESR and why it's so important to have low ESR capacitors in switchmode power supplies.
Switchmode power supplies work by placing high current pulses into a capacitor which the load then draws out of the capacitor.
In a perfect world, the current causes the capacitor voltage to ramp up, an d the load causes it to ramp back down.
However in real life ESR gets in the way. ESR is effectively a resistance in series with the capacitor. When the current pulse arrives, rather than the capacitor voltage rising slowly, it suddenly rises by a value given by IR, where I is the inductor current and R is the capacitor ESR.
As the current through the inductor falls to the load current, the current through the capacitor falls to zero and the voltage across the capacitor falls to the calculated capacitor voltage.
As the current through the inductor falls further, the capacitor voltage drops by IR (where I is the capacitor discharge current and R is the ESR. In additon to that, the voltage falls as the capacitor discharges.
So instead of getting a ramp up as the capacitor charges, and a ramp down as it discharges, we get a spike then a ramp down, then a spike, and a ramp down. This is exactly what you've seen.