Friday, July 4th 2014, around 10:10-10:15 or so. The neighborhood was watching the fireworks, when I heard several people asking what something in the sky was. My daughter came to me and asked me what it was, she pointed toward the moon, the object was just left of the moon, this was far more west than any of the fireworks which were directly south. Observed large greenish-blueish light hovering, witnessed by around 20 people including several neighbors from street. Everyone was pointing and asking what it was. I said I thought it was a plane, because it had a flashing light, but the realized planes usually have a more rapid flash with two double blinks or so. This was more like a slower pulse. It then started moving south slowly, increasing speed. I then said this must be a helicopter or some type of drone. The light instantly changed direction, moving in the opposite direction, at a very, very high rate of speed. Much faster than any plane could go. We were all in awe, and I said that is no drone or helicopter, nothing can move that fast and change direction like that. Everybody seemed shocked. We see planes flying over our area all day, and nothing goes this fast. As it was traveling north, only the color red could be observed and it was not flashing any more, it was only a solid red. There was no more bluish-green color. It quickly disappeared as it got too far away to see. My neighbor captured a couple seconds of video on her phone. I watched the video while in the dark driveway, and could only see a small dot on the video. She tried to capture it as it was flying away to the north, so it did not turn out very well. Everyone was amazed at what we saw with many saying they never believed in UFO's but now have changed their minds.