* Obama to focus on economy in State of the Union address
* Futures: Dow up 1 pt, S&P off 0.3 pt, Nasdaq down 3 pts
NEW YORK Feb 12 (Reuters) - U.S. stock index futures were little changed in low volume on Tuesday, hovering near multi-year highs as traders look ahead to President Barack Obama's State of the Union address.
* The economy will be one of the main themes of Obama's speech at 9 p.m. EST on Tuesday (0200 GMT Wednesday). Any clues on a deal to avert automatic spending cuts due to take effect March 1 will be key for markets.
* "Things are really quiet, waiting to see what the marching orders are for the next four years," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
* Equities were mostly flat on Monday but the trend on the S&P 500, off from six weeks of gains, continues to be higher. The index is up 6.4 percent so far this year.
* S&P 500 futures fell less than a 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 1 points, and Nasdaq 100 futures edged up half a point.
* Quarterly results are expected from companies including McGraw-Hill, Marsh & McLennan and Reynolds American.
* India's industrial production unexpectedly shrank for a second straight month in December, weighed down by weak investment and consumer demand, casting doubt on the view that Asia's-third largest economy is showing signs of recovery.
* On Monday, the Dow Jones industrial average fell 21.81 points, or 0.16 percent, to 13,971.16. The S&P 500 dipped 0.92 points, or 0.06 percent, to 1,517.01 and the Nasdaq Composite edged down 1.87 points, or 0.06 percent, to 3,192.00.