Wayne Rooney gave England a sixth-minute leader with a powerful header before Danny Welbeck was denied a penalty in the latter stages of the first-half.
The hosts were much improved after the interval, and Dejan Damjanovic finally netted a leveller in the 77th minute following a string of top saves by goalkeeper Joe Hart.
It means Montenegro remain two points clear of England, but Hodgson is confident the Three Lions are still in the driving seat in Group H.
“It is still in our own hands,” said Hodgson.
“We still have to play Montenegro at home, Poland at home and Ukraine away.
“You are bringing it back to the result against Ukraine at home, when we wanted to win but we drew.
“I suppose you could say Ukraine away will be crucial, but we still have three of our four games at home, so we will try to make certain we keep it in our hands by winning those matches.”
Hodgson also rued England’s inability to score a second goal in the opening period, and in particular, the referee’s failure to award a spot-kick for a foul on Welbeck.
“I have not seen a replay but don’t think Danny would have wanted to go down in that situation,” added Hodgson.
“We had several chances in the first half when we got behind their defence but it didn’t quite come off for us.”
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