First off, are you sure you have the timing light hooked up to #1 cylinder (front, pass side?). Second, you can check for timing chain slop by removing the distributor cap, and turning the crank by hand in both directions and noting the distributor rotation. If you turn clockwise a quarter turn or so, then turn back counter-clockwise and the distributor seems to have a "dead" spot before it rotates, this is slop in the chain being taken up before the cam sprocket is pulled by the chain. If you can't remember when, or if the timing set has been replaced, it's probably time.