Under Analytics Settings the status shows its not tracking, but under Tracking Code it is receiving data. Its been over 24 hours. Is this a time issue or a problem with my code? Should I wait a bit longer or should I start to trouble shooting?
Analytics is only updated once a day, generally around 2-3 PM CDT from what I have seen. if it hasn't been up for 24 hours yet, you probably won't see anything until the update tonight. Analytics is not shown real-time.
Just wait it out. if it doesn't work tomorrow, reinstall analytics. Sounds like you aren't using wordpress?
Give it some more time. You don't have any filters, do you? I set up a filter and stop getting data, weird.