Yes, its indexing...
If you go into your Settings, then NCM Settings and then Search Settings, you will see a page that deals with the search settings. About halfway down this page, you will see "Indexing Status" and the status of it reindexing your configs to be able to search them. This should typically take a bit of time to do, but not hours or anything.
You can try clicking "Apply" to see if forcing a reindex might help. If that didn't work for me, I'd try restarting all the services with Orion Service Manager and then trying it again...
If that doesn't work, open a support case.