I was just reading through the Electronic Spark Control section in my '79 service manual and it looks like no spark can be from various causes. If I could copy and paste from the manual, I would but it's not possible (CD-ROM). Quite a bit different than regular electronic ignition.
The pickup coil is a magnetic pickup and generates a voltage (about 1 volt AC) as the reluctor passes by.
Make sure your air gap is correct, .oo6-.008" using a brass feeler gauge. An alternative is, 2 sheets of standard printer paper is about .007" thick. Also use something light made of steel (feeler gauge, paper clip, etc) and check that the reluctor is magnetized. It won't be much but there should be some. If it isn't, there won't be any trigger. Rust on the trigger wheel will mess it up. Cleaning it usually won't help. If all else fails, try putting a different reluctor on and see what happens. Can't hurt! If you do, make a note of which slot the pin goes in. One is for SB, the other for BB.
Just reread your original post. Did you change the rotor? If you have spark at the coil but none at the plugs the rotor may be burned through under the carbon contact point and sending spark straight to ground via the distributor shaft. I've only seen it a couple times on a Mopar (lots of times on the old GM HEI with integrated coil) though, but it does happen.
I assume you meant you have spark from the coil wire at the cap end???