The short answer is that if you are 100% complete in forms and medical at this stage of the competition - or admissions cycle, AND have not already received a TWE, you are almost certainly on the NWL. Even students without nominations can be in this category (I didn't have a nom until 7 June).
The lack of visibility within the process is one element that makes the waiting difficult. Just seeing a number like NWL position #2032 would give you just enough info to let you know you are not going to make it this year. When we are waiting in line, some places give you a line number and that is just enough to hold us over. We look at the sign and listen for "Now serving number..." and we are mostly content. We don't always understand what is taking so long, but we at least know where we are in the order.
I suspect there are far too many contributing factors surrounding Academy Admissions to publish a NWL rank order to applicants because as soon as they go out of order to pick up a candidate who fits a different demographic - the waiting room goes crazy. USCGA has a goal of 50% female representation within the next several years - per an in-person briefing by their Dir of Admissions. Initiatives like this are aimed at shaping the officer force for a branch to either guide or shape the force to be more representative of where their total force is today or where they want their force to be tomorrow. Situations like this mean they cannot focus 100% on the rank order of the NWL. To me, the NWL becomes a general guide as they look to match the other needs of the branch. Strength of candidate is one element, but not the only element in their decision making process. Many of us (me included) tend to prefer a binary, objective criteria in scarcity situations. Who gets the scholarship... Who gets the promotion... Who gets a pay raise. It is far easier for me (and many of us I suspect) to process mentally if there is a score that was derived at by the individual's own merit and "you are what your record says you are." Unfortunately, it is more gray than that.