Did you make sure you're on the compression stroke? The cylinders only fire every other revolution (the compression stroke), so you need to make sure it's set to TDC of that one. Here's a quote from another thread where this is discussed. Tim

Quote Originally Posted by timsrv View Post
use your compression gauge on #1 to find the compression stroke (crank in short bursts until you see compression start to come up). When you find the compression stroke use the timing indicator on your crankshaft pulley & position the engine to TDC (Top Dead Center). Now pull your distributor cap and verify the rotor is pointing at #1 spark plug wire contact (inside the cap). If it's off then pull the distributor & reposition as required & try again.