Why would a day trader look at monthly charts? To find candidates for day trades, of course. Everyone should use the monthly charts to inform them of the trades they are about to take. Let's look at an example - BEAS - here is its chart from Friday
That's one massive haircut but it came from a news story that said that BEAS was going to buy a brand new but 5 years vacant office building and move its headquarters staff there. Obviously Mr. Market said "not a good idea" - but, what does Mr. Market know? Nothing - that's right - nothing.
If you look at BEAS on the monthly charts what do you see?
A stock coming down from a peak with a four month decline. Let's say that in the next several days BEAS recovers a bit more of the hair cut it took on Friday - what would you see then? Two spinning tops in a row. Which would suggest a stock poised to recover. So I would put that stock on my day trading watch list and on my swing trading watch list and if it began looking better I'd get some.