The short answer is it's anywhere you want it.

The long answer is:

Put the engine at top dead center, line up the timing mark on the crank with the timing pointer/label, then pull the valve cover and make sure both the valves on #1 are closed. (uncompressed).
If a valve is open rotate the engine another revolution and check the valves again.

The distributer will fire the coil everytime all those pointy things line up. The spark is distributed to the plug the ROTOR is pointed at. So if you pull the cap (now that the engine is at TDC, where that rotor is pointing is #1!

If you don't like it, you can pull the distributor out dink around a little until the distributor goes back in with the rotor pointing where you want it.

Ask if you are going to do this as there are a few tips more for doing that.