Bright red light drifting westward started to pulsate from dim to bright repeatedlyWhile neighbors were lighting off fireworks at 9:45-10:00 pm, I observed a red lighted object in the northern sky, from my screened porch at approx. 40 degrees above horizon in the far distance. Much further below this light was another light that appeared more whitish, but I only got a glimpse of it. I went in and retrieved my binoculars, when I returned, the lower light was out of sight, but I could see the red light very well. The red light object was more ball-shaped with no other lights and was moving slowly westward, almost appeared to be drifting.I was nearly convinced it was a Chinese lantern, but after maybe a minute of observing it, the red light began to pulsate from dim to bright red, repeatedly. When this started, the object seemed to moving along more quickly. Trees in the distance began to block my view and I soon lost complete sight of it. I have found a video on youtube that matches it very well, titled "UFO RED PULSATING OR BLINKING LIGHT FRESNO anyone see this sort of thing?"