We have developed an algorithm for the estimation of cardiac motion from medical images. The algorithm exploits monogenic signal theory, recently introduced as an N-dimensional generalization of the analytic signal. The displacement is computed locally by assuming the conservation of the monogenic phase over time. A local affine displacement model replaces the standard translation model to account for more complex motions as contraction/expansion and shear. A coarse-to-fine B-spline scheme allows a robust and effective computation of the models parameters and a pyramidal refinement scheme helps handle large motions. Robustness against noise is increased by replacing the standard pointwise computation of the monogenic orientation with a more robust least-squares orientation estimate. This paper reviews the results obtained on simulated cardiac images from different modalities, namely 2D and 3D cardiac ultrasound and tagged magnetic resonance. We also show how the proposed algorithm represents a valuable alternative to state-of-the-art algorithms in the respective fields.