Futures suggest that the Australian share market will open lower on Wednesday, snapping the hot streak of the past eight trading sessions, IG's Chris Weston says.

Wall Street struggled to get excited overnight even as the Dow hit 23,000 for the first time, and leads from overseas markets look fairly lacklustre.

The local share price futures index was down six points, or 0.1 per cent, at 5,865.

If we look at the ASX 200, we can make an argument that we are approaching euphoric conditions, with the elastic band being pulled a little too far.

Specifically, if we look at the percentage of corporates trading above their 20- and 50-day moving averages, which sit at 93 per cent and 80 per cent respectively, this figure is certainly very elevated.

Forty per cent of ASX 200 companies are at four-week highs, which is elevated, but not at striking red flag territory just yet.The ASX 200 also trades on 16.17 times expected annual earnings, which again is lofty, relative to the longer-term average, but not above the 16.5x times I would feel makes the index far more vulnerable.

While China is key today and for the remainder of this week, it's worth highlighting that the leads for Aussie miners are not great, with copper lower by 1.2 per cent, spot iron ore down 0.4 per cent at $US62.72.

On the Dalian futures exchange, while we have seen iron ore trade higher by 1.1 per cent, we are seeing steel futures lower by 1.1 per cent. 

Today could be an interesting day then, with a view to assess whether traders take profits from the recent run, while keeping an eye on China, with its 19th National Party Congress getting underway, although it's unclear when the details of the meeting will be unveiled.