Earth's magnetic field is represented as lines of force appearing straight up from one pole towards the other pole, following the curvature and bending back down towards the Earth as they near the pole at the other end. The pointers on your satellite will continually align themselves with these lines of force. Thus, near either pole, the pointers will point downward, toward the Earth. Near the equator, they will point more or less horizontally, parallel to the Earth. The satellite should be made of nonmagnetic materials, so as not to conduct electricity.
