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.

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

Advanced Micro Devices

  • Nearest Resistance: $10
  • Nearest Support: $8.50
  • Catalyst: Intel Licensing Rumors

Shares of chipmaker Advanced Micro Devices (AMD - Get Report) are up slightly this afternoon, following a nearly 9% jump yesterday on rumors that Intel (INTC - Get Report) may be licensing the firm's Radeon graphics technology. The news could translate into a valuable deal for AMD, particularly if its GPU technology works its way into Intel's integrated graphics chips, which are extremely prevalent in PCs today.

AMD's technical price trajectory hasn't changed here. This stock broke out through an important resistance level at $8 back in November, and shares have been pointing higher ever since. While round-number resistance at $10 is a line that's yet to be crossed in 2016, buyers have been in control of the price action for a while now, making it an attainable target in the final weeks of the year. If you decide to jump into AMD here, it makes sense to park a protective stop beneath prior lows at $8.50.

Sprint Corp.

  • Nearest Resistance: $10
  • Nearest Support: $7
  • Catalyst: Softbank

Sprint  (S - Get Report) is up 5.6% on big volume this afternoon, boosted by the added attention put on the company following discussions between President-elect Trump and the CEO of Japan's SoftBank, which has a controlling interest in the U.S. cellular carrier. SoftBank now plans on investing $50 billion in the U.S., a chunk of which investors are assuming will go to Sprint's coffers.

All year long, Sprint has been a stellar performer, more than doubling since the start of 2016. And, with Sprint's uptrend still very much intact this December, it remains a "buy the dips stock". Look for a correction back down to trendline support as the next buying opportunity in Sprint.

ArcelorMittal

  • Nearest Resistance: N/A
  • Nearest Support: $7.50
  • Catalyst: Technical Setup

Steel giant ArcelorMittal (MT - Get Report) is adding to its gains this year, crossing through the 100% gains mark in 2016 on high volume thanks to a bullish technical setup. ArcelorMittal has been in an uptrend virtually all year long, and shares are hitting new 52-week highs with today's 2.8% rally in shares. From here, ArcelorMittal looks like another attractive buy on corrections back down to trendline support.

Ensco plc

  • Nearest Resistance: $11
  • Nearest Support: $9
  • Catalyst: Notes Offering

Ensco plc (ESV - Get Report) is down 6.5% on big volume this afternoon, following the pricing of $750 million in senior notes yesterday. The proceeds from the private placement will be used to retire nearer debt maturities, a fact that Raymond James pointed out as a net positive for shareholders in a note this morning.

In the longer-term, Ensco's chart actually looks excellent despite today's big-volume dip. Shares have been carving out a bottom for the last several months, triggering a buy signal with the breakout through $9 that happened at the end of November. Now, shares are consolidating just below $10, and while they remain relatively volatile, it looks like buyers have taken back control of the price action at this point. If you decide to buy Ensco here, consider parking a stop on the other side of $9 support.

Neovasc Inc.

  • Nearest Resistance: $4
  • Nearest Support: $1.25
  • Catalyst: Clinical Data

Small-cap medical device maker Novas  (NVCN)  is managing to weigh in as one of the highest-volume stocks on the NASDAQ this afternoon, correcting 8% on huge volume following a massive 335% rally since the start of the month. Neovasc is up thanks to positive data on the firm's Tiara mitral valve, as well as the announcement last week that Boston Scientific (BSX - Get Report) is buying a 15% stake in the company. In the context of the huge upside move, today's correction looks pretty tame.

But that doesn't mean traders should be buying it here. After the large run-up in Neovasc, this small stock has significant headline risk tied to its clinical data, an ongoing legal dispute, and the Boston Scientific position. If you're dead set on building a position in this stock, wait for it to establish some semblance of a price history at this new price level before even thinking about pulling the trigger.

VanEck Vectors Gold Miners ETF

  • Nearest Resistance: $23
  • Nearest Support: $19
  • Catalyst: Gold Prices

Gold prices are up this afternoon, and that's translating into a 2.3% big-volume jump in the VanEck Vectors Gold Miners ETF (GDX - Get Report) . GDX continues to be an exceptionally popular way to get exposure to gold prices, in part because miners basically act like leveraged bets on metals prices. That said, GDX's uptrend ended back in August, and shares have been pointing lower in an extremely well-defined downtrend in the intervening months. Until GDX can catch a bid above that red channel in the chart above, you don't want to own it.

Western Digital Corp.

  • Nearest Resistance: $70
  • Nearest Support: $65
  • Catalyst: Guidance Hike

Last on our list of today's biggest-volume stocks is $20 billion computer storage stock Western Digital  (WDC - Get Report) . Western Digital is up 7.5% as I write this afternoon, popping following a guidance hike at its analyst day yesterday. Western Digital new sees second quarter EPS of $2.10 to $2.15 per share, up from $1.85 to $1.95 at the end of October, and well above the $1.84 that Wall Street analysts were expecting, on average.

Western Digital is another clear-cut uptrend. Shares are breaking out above $65 resistance this afternoon, but that's taking place within the context of an uptrending price channel. While today's show of strength isn't a terrible time to buy, waiting for the next test of trendline support is a much better opportunity.

At the time of publication, author had no positions in the stocks mentioned.