Stock futures little changed as technical levels eyed

NEW YORK (Reuters) - Stocks index futures were flat on Wednesday as the S&P 500 struggled to push above a key technical level amid continued concerns about the health of the economy.

The broad-based S&P has traded around its 50-day moving average for the last four days after falling sharply last week following a bleak assessment of the economy from the U.S. Federal Reserve. The 50-day average is currently about 1,088.

Investors have been torn between signs the economy is slowing and better corporate results.

Deere & Co reported stronger-than-expected quarterly profit early Wednesday, helped by robust demand for its biggest tractors and harvesters in the United States.

Target Corp also reported quarterly results early Wednesday.

Applied Materials Inc , Limited Brands Inc and NetApp Inc are among key U.S. companies due to report later Wednesday.

S&P 500 futures fell 0.4 point and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 4 points, and Nasdaq 100 futures lost 3.25 points.

Investors will watch developments in this year's biggest takeover attempt as BHP Billiton Ltd , the world's largest mining group, launched a hostile $39 billion bid for Potash Corp of Saskatchewan Inc after the Canadian fertilizer group's board rejected its offer.

U.S. mortgage applications leaped to its highest level in 15 months last week as rock-bottom rates lifted demand for home refinancing loans, the Mortgage Bankers Association said.

Resource-related stocks will be in focus after crude oil futures fell 1.3 percent as petroleum inventories in the United States headed for a record, following an unexpected sharp increase in crude stocks last week.

Copper was little changed after hitting a one-week high earlier in the session as inventory declines offset concerns about slowing demand in top metals consumer China.

China's banking regulator has told banks in Beijing to test for the impact of a plunge in property values below what is owed on mortgages, a local newspaper reported.

Analog Devices Inc shares advanced 1.7 percent in extended trade on Tuesday after the microchip maker posted quarterly results that topped estimates and gave a better-than-expected outlook.

European stocks <.FTEU3> dipped in early trade, with a key index failing to stay above a resistance level pierced in the previous session. Heavyweight energy shares fell along with oil prices.

Japan's Nikkei average <.N225> rose nearly 1 percent a day after the index hit an eight-month closing low, though increases were limited by yen strength against the dollar.

U.S. stocks rose Tuesday as earnings from Wal-Mart and Home Depot and a $39 billion takeover bid in the agriculture sector bolstered confidence in the corporate outlook.

(Reporting by Edward Krudy; editing by Jeffrey Benkoe)