By Ryan Vlastelica

NEW YORK (Reuters) - Stock index futures edged lower on Tuesday as investors paused following a recent rally that repeatedly took the Dow and S&P 500 to record highs.

The market has been trading sideways over the past few sessions as the end of the quarterly corporate earnings season and a light economic calendar has given traders few reasons to push shares decisively in one direction or the other. Still, the S&P is up more than 14 percent so far this year.

While some analysts argue the long-term trend remains positive, many see momentum waning in the near term in the absence of positive catalysts. Volume has been lighter than average, and volatility has been low in recent days.

Overseas, European shares <.fteu3> dipped 0.3 percent as data on German analyst and investor sentiment came in weaker than expected, through it was slightly up from the previous month.</.fteu3>

S&P 500 futures fell 1.9 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 fell 27 points and Nasdaq 100 futures slid 2.75 points.

In company news, Nokia Corp unveiled a new version of its Lumia smartphone line, but U.S.-listed shares fell 4.7 percent to $3.66 in premarket trading.

The U.S. Supreme Court ruled late Monday that an Indiana farmer had violated Monsanto Co's patent for a type of soybean.

Tesla Motors continued its recent meteoric rise following a gain of 40 percent last week after lifting its sales outlook. It jumped 3.9 percent to $91.25 before the bell.

Agilent Technologies Inc is the only S&P company scheduled to report results on Tuesday. Corporate earnings have been mostly better than expected this quarter. With 90 percent of the S&P having reported, 67.2 percent have topped earnings expectations, according to Thomson Reuters data, which is even with the average over the past four quarters. Only 46.9 percent have beaten revenue expectations, below the 52 percent average over the past four quarters.

Wall Street ended little changed on Monday as investors paused following three weeks of gains, though strong retail sales data helped to limit losses. Investors are at odds over whether positive economic data can help the market rise further, as it could spell the end of the Federal Reserve's monetary stimulus, which has contributed to the year's equity rally.

(Editing by Chizu Nomiyama)