is your ignition module seeing a signal from your pickup coil? if it doesnt see anything it wont tell the ECM its good to go (over 400 rpm, etc) and the ECM wont command fuel on.. if you have TBI? I guess I am not sure what your 86 has.
If you just have carburetor,
"If you cut the wiring harness on the distributor side and connect the first wire in the harness on the distributor side with the 4th wire - you will bypass the computer and then if it still doesn't run - you know that the pick up coil is bad or that the timing chain broke or that the distributor gear is bad on the end of the shaft on the distributor." found that on a search
check your distributor with cap off and crank the engine
DOES IT TURN?
if its not turning.. you get to pull your timing cover off.
and hope its a chain??