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.

Netflix

Image placeholder title
  • Nearest Resistance: $85
  • Nearest Support: $97.50
  • Catalyst: Technical Setup, Post-Earnings

Streaming video giant Netflix (NFLX) - Get Report  is up 2.4% on big volume this afternoon, correcting a bit after yesterday's 13% earnings-fueled selloff yesterday.

While this stock appears to be catching a long-term $85 support, the long-term view of Netflix's chart looks somewhat less rosy right now. Shares are forming a descending triangle pattern in the long term, which means that if $85 gets violated from here, NFLX suddenly opens up a lot more downside risk. Investors should keep a close eye on that $85 level this month.

Progenics Pharmaceuticals

Image placeholder title
  • Nearest Resistance: $6.50
  • Nearest Support: $6
  • Catalyst: FDA Approval

Small-cap drug stock Progenics Pharmaceuticals (PGNX) - Get Report  is up 26.7% this afternoon, rallying hard following news that the FDA had approved its Relistor tablets for opioid-induced constipation. Investors are flocking to Progenics and partner Valeant (VRX)  on news that Relistor tablets will start to hit the market in the third quarter. The approval also unlocks a $50 million payment to Progenics from Valeant.

Technically speaking, Progenics is breaking out of the uptrend that it kicked off back in January, a move that signals the potential for sustained higher levels ahead. This stock is still more than 25% off from the levels it traded at just a year ago, and that could mean more staying power for a rebound in PRGX.

Morgan Stanley

Image placeholder title
  • Nearest Resistance: $30
  • Nearest Support: $25
  • Catalyst: Q2 Earnings

Finally, financial firm Morgan Stanley (MS) - Get Report  is up almost 2% on big volume this afternoon, bouncing higher following a second-quarter profit that exceeded analysts' estimates. Earnings came in at 75 cents per share, well above the 60-cent average analyst best guess that Wall Street had been watching for. Lowered compensation and higher bond trading revenues got the credit for the better-than-expected numbers.

Technically, Morgan Stanley's price action is pretty easy to follow on its chart right now. Shares have been in a well-defined uptrending channel since MS bottomed back in February, and they've been moving up and to the right ever since. As Morgan Stanley moves up toward the top of its price range this summer, it makes sense to wait for a retracement back to trend line support before clicking "buy."

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