Remove spark plug number one (easier than pulling the valve cover) and turn the motor over by hand with the hose of a compression tester and your thumb over the end would be ideal (or just your thumb over the plug threads might do). As you turn it over you will get two strokes pushing against you, the weak one is the exhaust stroke...strong one is compression. As it pushes hard against you turning it over, you are on compression, STOP at the TDC mark on your balancer.
If you rather watch the valves, remove the valve cover. After the intake valve closes, stop on TDC;
Then look at your distributor rotor, is it pointing to where the #1 plug wire hooks to the cap, or 180* off?
If you feel like checking spark, remove a plug, hook it to the wire and set it on something that is a ground (or use a jumper wire from the threads to a ground) and crank it over...you'll see spark at the gap if you have it.