In the spirit of the Hamiltonian QR algorithm and other bidirectional chasing algorithms, a structure-preserving variant of the implicit QR algorithm for palindromic eigenvalue problems is proposed. This new palindromic QR algorithm is strongly backward stable and requires less operations than the standard QZ algorithm, but is restricted to matrix classes where a preliminary reduction to structured Hessenberg form can be performed. By an extension of the implicit Q theorem, the palindromic QR algorithm is shown to be equivalent to a previously developed explicit version. Also, the classical convergence theory for the QR algorithm can be extended to prove local quadratic convergence. We briefly demonstrate how even eigenvalue problems can be addressed by similar techniques. © 2008 Springer Science+Business Media, LLC.