Jay Woods is watching two beaten-down software stocks into earnings this week

(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) NYSE insider Jay Woods is keeping an eye on two beaten-down software stocks — Salesforce and Snowflake — as they report earnings this week. Dow component Salesforce has tumbled 31% on the year, weighed down by fears of an artificial intelligence-induced disruption. Woods, chief market strategist at Freedom Capital Markets, believes that there is "a nice double bottom forming" in the stock — a chart pattern that could suggest a bullish reversal. While Salesforce is still "in a major downtrend," Woods believes that the $167 level provides key support. "If we can break above $180 and close there, we should get a nice run to $210. So risk-reward stay above $167. Let's see if we can break the 50-day moving average and go to $210," he added. Shares were last up 0.9% on Tuesday afternoon, trading around $181. Woods is also watching Snowflake, which he said looks a little more positive and has broken a recent downtrend. The stock is down 18% year to date. "Risk-reward setup looks somewhat favorable. On a run, look for $202 — again, that 200-day moving average — we get a lot of stocks under that average go back, mean revert, and give you a nice near-term gain. So watch Snowflake on a rally, $202 resistance. If it does break, there's near-term support at $154. I would like to see that hold. If not, $142 is your level," Woods said. …