Monitoring fetal wellbeing is a compelling problem in modern obstetrics. Clinicians have become increasingly aware of the link between fetal activity (movement), well-being, and later developmental outcome. We have recently developed an ambulatory accelerometer-based fetal activity monitor (AFAM) to record 24-hour fetal movement. Using this system, we aim at developing signal processing methods to automatically detect and quantitatively characterize fetal movements. The first step in this direction is to test the performance of the accelerometer in detecting fetal movement against real-time ultrasound imaging (taken as the gold standard). This paper reports first results of this performance analysis.