The 94 SC uses the Ford EDIS ignition system. Very similar but slightly different from the 89-93 cars.
Ignition is not allowed by the EDIS if it does not get a crank sensor signal. If your car is an automatic, the EDIS will report it's lack of a crank sensor signal by flashing the upshift light while you are cranking the motor.
If that light flashes during cranking of the motor, then the problem with the no spark is specifically related to:
1) A failed crank sensor
or
2) A fault in the wiring for the crank sensor
or
3) A problem with the harmoic balancer.
So start with checking that sensor and specifically the condition of the balancer.