Trend Table for IPB - Merrill Lynch & Co., Inc. 6.0518% Index Plus Trust Certificates Series 2003-1

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Jan 31	A	Strong	Up	Up	Up	4.36%
Jan 30	B	Strong	Up	Up	Up	4.87%
Jan 29	C	Strong	Up	Up	Flat	5.90%
Jan 26	A	Strong	Up	Up	Up	4.47%
Jan 25	C	Strong	Up	Up	Flat	5.90%
Jan 24	A	Strong	Up	Up	Flat	5.06%
Jan 23	C	Strong	Up	Up	Down	6.62%
Jan 22	B	Strong	Up	Up	Flat	5.48%
Jan 19	B	Strong	Up	Up	Down	6.58%
Jan 18	B	Strong	Up	Up	Down	6.67%