1968 340 timing

Trying to set timing....the #1 spark plug wire on the cap is at 3 o'clock and I think its should be at 6 o'clock.
When I use the timing light the reading on the blancher reads.
1
.8
0
right on the 5 degrees mark.
I cant see the one straight line on the balancer at all.
Do I need to move the distributer?
The car runs....not good.