This is much easier than I had thought, for anyone that comes next here is the recipe (See Makie docs has a more generic scatter example and examples for colored lines:
using CairoMakie
# create synthetic data
n = 1000;
x = 1:n;
y = sin.(collect(x) .* .05);
z = vcat(1:n/2, n/2:-1:1) .- n/4
# set color axis limits which by default is automatically equal to the extrema of the color values
colorrange = [-n/4, n/4];
# choose color map [https://docs.juliahub.com/AbstractPlotting/6fydZ/0.12.10/generated/colors.html]
cmap = :balance
# make colored scatter plot
fig = Figure()
scatter(fig[1, 1], x, y; color=z, colormap = cmap, markersize=10, strokewidth=0, colorrange = colorrange)
# add colorbar
Colorbar(fig[1, 2], colorrange = colorrange, colormap = cmap,
label = "colored data")
# show Figure
fig