Noid light on, then flashing - what does it mean?

Hey guys, so I'm trying to get my non-starting Mustang to finally start.

I was testing the injectors with a noid light, and noticed the following:

When I turn the key in the ignition to on, the noid light turns on and stays that way.
Then, when I turn the distributor, the noid light flashes.

Now, I've read that while you're trying to start the car, if the noid light stays on or stays off, there's an electrical problem, but if it flashes, it's ok.

My noid light seems to be doing both, so I'm confused. What could this symptom indicate?

I've verified that there's fuel at the injectors cuz I removed the #1 spark plug to check for spark and it was wet with fuel.

Please let me know what you think it might be.

Thanks!