Put down the 10-K filings and the stock screeners. It's time to take a break from the traditional methods of generating investment ideas. Instead, let the crowd do it for you.

From hedge funds to individual investors, scores of market participants are turning to social media to figure out which stocks are worth watching. It's a concept that's known as "crowdsourcing," and it uses the masses to identify emerging trends in the market.

Crowdsourcing has long been a popular tool for the advertising industry, but it also makes a lot of sense as an investment tool. After all, the market is completely driven by the supply and demand, so it can be valuable to see what names are trending among the crowd.

While some fund managers are already trying to leverage social media resources like Twitter to find algorithmic trading opportunities, for most investors, crowdsourcing works best as a starting point for investors who want a starting point in their analysis.

Today, we'll leverage the power of the crowd to take a look at some of the most active stocks on the market.

Bank of America

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  • Nearest Resistance: $15.50
  • Nearest Support: N/A
  • Catalyst: Cost Cuts

Bank of America(BAC) - Get Report  is getting a shot in the arm this afternoon, following rumors that the $139 billion financial firm is planning on cutting costs by eliminating jobs at the bank's anemic trading arm. Reports have it that BofA will come through with the cuts by March.

From a technical standpoint, Bank of America's cost-cutting efforts aren't making a dent in its selling pressure. This stock has shed nearly 20% of its market capitalization since the start of the month, and shares remain in breakdown mode following the violation of prior support at $15.50 a couple of weeks ago.

Until shares can establish some meaningful level of support again, it makes sense to stay away from the long side.

Bank of America is a holding in Jim Cramer's Action Alerts PLUS charitable trust portfolio. "Bank of America reported very solid quarterly earnings this week, but the stock was not met with the investor confidence it deserved following such a print," wrote Cramer and co-portfolio manager Jack Mohr recently. "We remain deeply convinced that the current stock price fails to reflect in any conceivable way the long-term value creation opportunity."

Exclusive Look Inside: You see Jim Cramer on TV. Now, see where he invests his money and why Bank of America is a core holding of his multi-million dollar portfolio. 

Want to be alerted before Jim Cramer buys or sells BAC? Learn more now.

SunEdison

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  • Nearest Resistance: $5
  • Nearest Support: $2.25
  • Catalyst: Board Seat, Share Pledge

Beaten-down solar stock SunEdison (SUNE)  is enjoying an 11.6% pop on big volume this afternoon, up following news that the firm had agreed to appoint a nominee to its board from Greenlight Capital, David Einhorn's activist investor hedge fund. The firm also agreed not to dilute investors by issuing new shares without a supermajority vote from the board after completing its $1.9 billion acquisition of Vivint Solar(VSLR) - Get Report .

Despite the potentially good news for shareholders, SunEdison's shares are still stuck in a pretty well-defined downtrending channel. Every test of trend line resistance since August has swatted this stock lower, and shares would need to rally another 46% from here up to $5 just to be back at that bearish resistance line.

Until SunEdison can catch a bid above the top of its trend line, buyers should stay away.

Boeing

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  • Nearest Resistance: $122.50
  • Nearest Support: N/A
  • Catalyst: Q4 Earnings

Aerospace giant Boeing(BA) - Get Report  is getting hammered 7.6% lower as I write this afternoon, shedding value on big volume following fourth-quarter earnings. Excluding one-time items, Boeing announced profits of $1.60 per share, beating the $1.27 in earnings that Wall Street was hoping for, on average. But a weak forecast for 2016 was enough to offset any excitement investors were feeling about the better-than-expected profits. And now, Boeing looks like it's coming in for a rough landing.

Boeing gapped lower at the open this morning, violating a support level at $122.50 that's acted like a floor for shares at couple of key times in the last six months. With that support line broken, Boeing is opening up a lot more downside risk as we head into February.

Citizens Financial Group

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  • Nearest Resistance: $22.50
  • Nearest Support: $20
  • Catalyst: S&P 500 Addition

Citizens Financial Group(CFG) - Get Report  is up 5.7% on unusually high volume this afternoon, popping after news hit that the $10 billion retail bank holding company was being added to the S&P 500 index. Citizens Financial will take Precision Castparts' spot on Jan. 29. Investors are anticipating that funds will be buying shares of Citizens Financial to keep their exposure in line with the benchmark S&P index.

But that's not necessarily a good reason to buy shares of this large-cap bank. Even factoring today's big rebound, Citizens Financial has lost 18% of its market value this year, and shares still have the potential to trade lower from here. The violation of key support at $22.50 was a big red flag two weeks ago. Unless shares can muster the strength to move back above that level, it's best to stay on the sidelines.

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.