US STOCKS-Index futures off, Hewlett-Packard up after view

* Hewlett-Packard profit forecast tops estimates

* Fed's Lockhart sees decision soon on stimulus

* Futures down: Dow 11 pts, S&P 0.5 pts, Nasdaq 0.25 pts

* For up-to-the-minute market news see [STXNEWS/US]

(Updates market activity, adds Family Dollar earnings)

By Edward Krudy

NEW YORK, Sept 29 (Reuters) - U.S. stock index futures edged lower on Wednesday as investors remained cautious after a strong rally in September but appeared willing to get into the market on dips.

The S&P 500 has climbed over 9 percent since the beginning of the month on signs of stabilization in the economy and, more recently, on hopes the Federal Reserve will further stimulate the economy. With that tailwind, the market has shown a tendency to drift higher in the absence of bad news.

Rick Meckler, president of investment firm LibertyView Capital Management in New York, said investors have been nervous after the run-up. A pattern of selling at the open followed by gains later in the day could emerge as it did in the last session, he said.

"It creates a little bit of nervousness and early-morning profit-taking. Today looks like that as well," he said. "But I would expect that at least some time today there will be another run at continuing to make new recent highs."

S&P 500 futures fell 0.5 points 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 lost 11 points, and Nasdaq 100 futures fell 0.25 points.

Propping up hopes of near-term action by policymakers, Dennis Lockhart, president of the Atlanta Federal Reserve Bank, said the central bank will have to decide in the coming weeks whether it should do more to support the economy. For details, see [ID:nN28259622]

Technology shares could get a boost after Hewlett-Packard Co forecast 2011 profit above expectations, reassuring worried investors after the sudden departure of its chief executive. HP shares rose 1.3 percent to $42.17 in premarket trade. [ID:nN28273797]

Family Dollar Stores Inc posted a better-than-expected quarterly profit as cash-strapped consumers continued to seek bargains on everyday items. The shares rose 3.8 percent to $44.99. [ID:nN28197375]

Shares of Green Mountain Coffee Roasters Inc fell 11.6 percent to $32.70 premarket after it said regulators were conducting an inquiry into its accounting practices.

European stocks dipped 0.1 percent in early trade, led lower by banking shares on renewed concerns over the health of the sector. [.EU]

U.S. stocks rose Tuesday as latecomers jumped onto the September bandwagon, buying up sectors that have outperformed during the month. (Reporting by Edward Krudy; editing by Jeffrey Benkoe)