I might have expected "You are observant" said in a sarcastic tone, something like: "Wow, you're really observant... nothing gets past you... you saw the big car show up!" Here, "observant" functions as an adjective. "Observing" is a verb and, without further context, I couldn't guess as to the meaning in this very short dialog, assuming that the writer purposefully used "observing" rather than "observant."