At approx. 7:30pm MST, I was in the backyard watering plants. I was prompted, on an intuitive level, to look upward at the sky. I noticed that the clouds were beautiful and the sky was a light blue. It was then that I saw a glowing white "dot" not moving in the sky at a northerly orientation, toward the Sangre Mtns. At first I thought it could be a planet, but it was perfectly round and glowing white. I watched it a few minutes, then called my partner to come out and look at it. He knows about planets and has pointed out many in past years, but this was different. The object then began to change color, with some green glowing off one side, then red off the other side. After some time, it then began to move across the sky to our left (southward toward Albuquerque), first making tiny curvy movements, then more straight and picking more speed than previously noted. After some time, it stopped and remained in one place again. It then changed to become entirely red, like a perfectly round red glow ball. We had to adjust our chairs to keep viewing it, that is how far it had traveled across the sky. By now, approx 1 hour had transpired. Suddenly, it appeared to retrace its original direction, but this time in spurts...moving, then stopping, moving then stopping back to the north. Also, its color changed back to the original white. We watched as it began to get smaller and smaller, very slowly fading into the night sky, as if leaving. By now a few stars were beginning to emerge against the night sky, plus one planet; this looked absolutely nothing like the stars, nor the planet. Its movement was nothing like a meteorite, nor a shooting star. We are both intelligent people with advanced degrees in psychology and science/medical. We live in the open sky area of Eldorado. We consider this to be our first UFO sighting in NM.