The 124s, like the 201 are cable driven. Your cable has likely kinked, snapped or broke.

Removing the cluster without undoing the speedometer cable can cause the cable to break/shear/kink/etc.

Its best to disconnect the cable from the transmission and feed up some slack to the cluster area. After you've done this, then you can remove the cluster.

That was the case on my 190E at least. My speedometer and odometer were actually working but the speedometer would bounce and the cruise control wouldn't engage.

Once I replaced the cable, the speedometer was solid. Cruise was another matter as I had to rebuilt the amplifier.

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