Edited per Ryan's clarification below.
Statement 1: Yes, this is fine. If $M$ is neither positive nor negative definite, and has no zero eigenvalues, then it must have at least one positive and one negative eigenvalue. Notice that this is a sufficient but not necessary condition on $M$ being indefinite. $\left[\begin{array}{ccc}0 & 0 &0\\0 & 1 & 0\\0 & 0 & -1\end{array}\right]$ is indefinite, for instance.
Statement 2: No, this is false. Consider for instance $\left[\begin{array}{cc}1 & 0\\0 & 0\end{array}\right]$ which is positive-semidefinite.
It is impossible to characterize indefinite matrices from the leading minors alone. For example, if the first row and column of a symmetric matrix $M$ is zero, the matrix might be positive-semidefinite, negative-semidefinite, or indefinite, yet all of the leading minors will be zero.
A complete, correct statement requires looking at all principal minors, for example: a symmetric matrix $M$ is indefinite (has positive and negative eigenvalues) if and only if:
- $\Delta_k < 0$ for some even $k$; or
- $\Delta_{k_1} > 0$ and $\Delta_{k_2} < 0$ for two different odd $k_1$ and $k_2$.
Knowing that $M$ is not strictly positive- or negative-definite does not really help. You can check that if $M$ satisfies neither of these conditions, then it must satisfy one of the rows of the purple box.
EDIT: Proof of the "only if" direction. Let $M$ be indefinite. Suppose, for contradiction, that neither of the above two hold. Then either all of the odd-dimensional minors are nonnegative, or all are nonpositive.
In the former case, $M$ satisfies the third row of the purple box above, and $M$ is positive-semidefinite, a contradiction.
In the latter case, $M$ satisfies the fourth row of the purple box above, and $M$ is negative-semidefinite, a contradiction.
EDIT 3: Proof of the "if" direction. Suppose one of the even-dimensional minors is negative, and suppose, for contradiction, that $M$ is positive-semidefinite or negative-semidefinite. Then by row three or four of the purple box (as appropriate), that minor is in fact positive, a contradiction. Therefore $M$ is neither positive- nor negative-semidefinite, and so is indefinite.
Suppose instead one of the odd-dimensional minors is positive, and another is negative, and suppose $M$ is positive-semidefinite. Then both of those minors are positive, a contradiction. Now suppose $M$ is negative-semidefinite. Then both of those minors are negative, a contradiction. The only remaining possibility is that $M$ is indefinite.
Sylvester's criterion says that an $n\times n$ Hermitian matrix $A$ is positive definite if and only if all its leading principal minors of are positive. If one knows that fact that every Hermitian matrix has an orthogonal eigenbasis, one can prove Sylvester's criterion easily.
The forward implication is obvious. If $A$ is positive definite, so are all its leading principal submatrices. Their spectra are hence positive. Thus the leading principal minors are positive, because each of them is a product of the eigenvalues of the submatrix.
To prove the backward implication, we use mathematical induction on $n$. The base case $n=1$ is trivial. Suppose $n\ge2$ and all leading principal minors of $A$ are positive. In particular, $\det(A)>0$. If $A$ is not positive definite, it must possess at least two negative eigenvalues. As $A$ is Hermitian, there exist two mutually orthogonal eigenvectors $x$ and $y$ corresponding to two of these negative eigenvalues. Let $u=\alpha x+\beta y\ne0$ be a linear combination of $x$ and $y$ such that the last entry of $u$ is zero. Then
$$
u^\ast Au=|\alpha|^2x^\ast Ax+|\beta|^2y^\ast Ay<0.
$$
Hence the leading $(n-1)\times(n-1)$ principal submatrix of $A$ is not positive definite. By induction assumption, this is impossible. Hence $A$ must be positive definite.
Best Answer
Sketch: Assuming known/proved the analogus property for positive definite matrices, and knowing that ${\mathbf A}$ is negative definite if and only if $-{\mathbf A}$ is positive definite, think about the principal minors of $-{\mathbf A}$. These are determinants of the negated submatrices, and the property $|c {\mathbf A}| = c^n |{\mathbf A}|$ tells us that they will be equal to the original determinants if the size of the submatrix (order of the principal minor) is even, or its negated value if odd. Etc.