This appears to be because TODAY is a volatile function. I would like to see
a more complete description of when volatile functions can be traced and when
they cannot. In your example, trace dependents will work if the dependent is
on the same sheet, just not if it's on another sheet. I've seen other
volatile functions (e.g., OFFSET) where trace dependents cannot even find
dependents that are on the same sheet.

"Brad" wrote:

Using Excel 2007

In cell (I1) on table Input!I1, I have the equation
=DATE(C1,C2+1,0)

On a different sheet, in the same workbook I have the equation

=NETWORKDAYS(TODAY(),Input!I1,Holiday)

When I'm on I1 and select Trace Dependents - I get nothing
When I'm on the second formulat and select Trace Precendents - I get I1 as
one of the precendents - what is going on?