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
Apr 18	A	Strong	Up	Up	Flat	-1.98%
Apr 16	A	Strong	Up	Flat	Down	-0.90%
Apr 15	A	Strong	Up	Up	Up	-2.57%
Apr 12	C	Strong	Up	Flat	Down	-0.28%
Apr 11	A	Strong	Up	Up	Up	-2.24%
Apr 10	B	Strong	Up	Up	Flat	-1.48%
Apr 9	B	Strong	Up	Up	Flat	-1.67%
Apr 8	B	Strong	Up	Up	Flat	-1.62%
Apr 4	B	Strong	Up	Up	Flat	-1.62%
Apr 3	B	Strong	Up	Up	Flat	-1.37%