A solution to the relative motion problem for satellites is constructed that is based on nearly circular reference periodic orbits and Floquet theory for the relative motion. This solution conceptually resembles the Clohessy-Wiltshire solution for relative motion, but includes all zonal harmonics of the Earth's gravitational field. Accuracy of this solution is at least three orders of magnitude better than the Clohessy-Wiltshire solution. We treat the effect of second-order displacements from the periodic solution via a semi-analytic perturbation theory. The effects of sectoral and tesseral gravity terms, as well as air drag, make their appearance as a particular solution to the linear Floquet problem. Comparisons are made between numerical integrations in the inertial frame and predictions from the periodic orbit/Floquet/modal perturbation theory, including all gravitational harmonics through order 14, as well as air drag. Submeter-10-m accuracy is achieved for representative clusters in a 1.1 Earth radii, one radian inclination orbit, over one half-day.