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
Oct 2	C	Strong	Down	Down	Down	11.73%
Sep 29	C	Strong	Down	Down	Down	11.73%
Sep 28	B	Strong	Up	Down	Flat	9.63%
Sep 27	C	Strong	Down	Down	Down	12.19%
Sep 26	C	Strong	Flat	Down	Down	10.83%
Sep 25	C	Strong	Flat	Down	Down	11.05%
Sep 22	A	Strong	Up	Flat	Up	8.67%
Sep 21	B	Strong	Up	Flat	Up	8.89%
Sep 20	C	Strong	Flat	Down	Down	10.38%
Sep 19	C	Strong	Up	Down	Flat	9.72%