walked outside and noticed extreme white light in distance..not overhead. Called neighbor and he took binoculars which my grandson had to view. Both of them saw green, red, blue and yellow colors around the circle. This light appears to move slighty side to side. It has been observed for approximately 1 hr. There are stars out tonight but none appear like this object. They have viewed other stars and none have different coloring as this does and none move. We aren't sure what we are seeing and wanted to at least let someone know. At 9:40 observed light as like lightening strikes and just saw an aircraft fly near object.