As I continued to research my issue, I found the suggestion several times to simply set the symbology on the desired value and then to something differently when that value has changed. This can be done within ArcMap from the Symbology Tab under Show: Categories (or Quantities depending on your needs). However, when I would set this it would not keep the definition query and draw all the points, instead of working as it did when I first attempted this. I beleive the first time I attempted this the data was in shapefile format and that they may have been the key difference.
I looked more closely at my data and I then realized that when my database was first set up (not by my office) that the Personal Geodatabase format was employed and not the File Geodatabase format.
When I switched file formats of the data, I than changed my definition query to only query those points located in 'NORTHFILED' and I set the symbology to be on the Date field. When the Date field is null the point is green, when the value of the Date field changes, it then switches to red.
Although I did not attempt to employ the compound definition query, as per my originally posted question, this is working as anticipated now by changing file formats and employing symbology based on Date field values.