What does timing light show when cranking?

 

I'd pull the cap and turn it over to make sure the rotor is turning,then I'd pull a plug out and plug the wire into it with it laying on the head for ground and see if it sparks when you turn it over with the starter. If it sparks I'd double check that you have the dist. in the TDC #1 Compression stroke.
How old is the HEI? No spark might be a bad coil,could even happen with a new coil.