Abstract: A system and method for tracing program code within a processor having an embedded cache memory. The non-invasive tracing technique minimizes the need for trace information to be broadcast externally. The tracing technique monitors changes in instruction flow from the normal execution stream of the code. The tracing technique monitors the updating of processor branch target register contents in order to monitor branch target flow of the code. Tracing of the program flow includes tracing instructions both before and after a trace triggering event. The implementation of periodic synchronizing events enables the tracing of instructions occurring before and after a triggering event.