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 15	A	Strong	Up	Up	Up	3.68%
Apr 12	C	Strong	Up	Flat	Down	6.11%
Apr 11	A	Strong	Up	Up	Up	4.02%
Apr 10	B	Strong	Up	Up	Flat	4.83%
Apr 9	B	Strong	Up	Up	Flat	4.63%
Apr 8	B	Strong	Up	Up	Flat	4.69%
Apr 4	A	Strong	Up	Up	Flat	4.69%
Apr 3	B	Strong	Up	Up	Flat	4.95%
Apr 2	B	Strong	Up	Up	Flat	4.95%
Apr 1	B	Strong	Up	Up	Up	4.67%