Calling all 5sfe's!, No spark! Options

[AllTrac96]

Well I am finishing the installation of my freshly rebuilt 5s all the fluids are in and I make the first attempt to start it. It cranks but doesn't fire. I have NO spark. The distributor is freshly rebuilt with the timing set correctly. I checked the ignitor with a voltage meter and it's reading as it should. My big green book says that the next thing would be the crank sensor but a new one is like $90 dollars so needless to say I don't want to go wasting money. I just want to know what you guys think the issue could be. All help is appreciated.

[bindertch]

There is a crank sensor and the reading on a DMM would be in ac voltage. Also there is a cam sensor in the distributor and it would be the one that the ignition system uses to time the spark. If it isn't working then the igniter will not pulse the coil and you would have no spark. There are also a couple of relays that could keep the system from functioning.
Check for battery voltage at the igniter and the coil with the key on. If those are good disconnect the coil wire and if you have a spark tester connect it (if not then place the coil wire about 1/2 inch away from a metal surface) and crank the engine if you have no spark there then the igniter isn't getting a trigger to fire. The causes could be that the cam sensor needs adjusting or that it is bad, the igniter could also be bad. You can check the cam sensor's resistance with an ohm meter. It is the two wire connector coming from the distributor.