1. A fetal monitoring system comprising: a data acquisition system for acquiring signals including signals representing surface measurements of cardiac activity; a signal analyzer coupled to the data acquisition system, configured to analyze the acquired signals to generate an output having at least an clinical indicator characterizing a clinical condition, the signal analyzer including: a signal processor for extracting fetal electrocardiogram signals from the acquired electrical signals; and a clinical condition detector for performing a morphological analysis of the extracted fetal electrocardiogram signals, and based on a result of the morphological analysis, determining the clinical indicator; and an output system for presenting a representation of the clinical indicator.