Does Alfresco support monitoring entire folder tree for changes?

Question

I am interested in triggering code to run when any changes are made to any documents or folders under a specific folder in alfresco. I am sure alfresco has to support this some how but I am not entirely sure what the feature/api/service is called or what to google for. What has this ability in alfresco and what is it called?

I am aware that its possible to create custom content rules in javascript and then add them to a folder to be triggered by some action. I did that a couple years back for auto filing documents that were dropped into a specific folder. Problem is that requires adding that action to each folder you want to monitor. I want to monitory an entire directory tree basically.

EDIT: Correct me if I am wrong, but it appears that Events API may do what I need to do. I found this right after posting my question.