If you are doing a compression check, remove ALL PLUGS, lock throttle wide open, pull off BATT wire off HEI, screw in compression gauge into each hole and do all cylinders noting, pressure on first stroke and then best compression on that cylinder.
First stroke tells you the kind of volume the cylinder is displacing and condition of compression rings. Subsequent strokes will deminish pressure per stroke as test goes on, and gauge reveals total pressure. An good compression engine with minimum wear should be within 5 to 8 % of the best and worst cylinders. Spiking indicates different problems.
The problem you are having with #2 cylinder could be anything from a guide to a cracked cylinder wall. Look at the compression test first.