It should be point up relative to the ground, but that's the end of it. It actually points down relative to the drive shaft, which is correct.
That said, be careful when you re-torque the leaf spring U-bolts. Their torque spec is low. Only 45 LB FT. That is to allow some slip of the springs between the shock plates for proper rear suspension operation. If you over torque them, it will cause the rear suspension to bind and basically render it useless.
