Neon red light seen traveling north at slow speed.Observed neon red light traveling north at a very slow speed. Light appeared to be rotating or exhibiting a strobe-effect. Light sped up slightly, turned to the northwest and sped up again. At that point it was blocked from our view by the house to the north of us. My husband observed the light for two or three minutes before he told me about it. At first, it appeared to be about 1/2 to 1 mile away; we opened the door and could not hear any sound. The sky condition at the time was overcast with low clouds. It had been raining a few minutes earlier. Did not observe any stars at that time. During the sighting, I had time to get my camera with telephoto lens; by the time I got back to the door, the light had moved farther north and I was unable to see any structure. At first, I would compare the brightness and size to a brakelight at about 500 feet; the brightness did not change, it just got farther away.We live close to the east-west flight path for Lemoore Naval Air Station and also along the flight path for Fresno-Yosemite International Airport. Neither of us have ever observed anything similar to this, though we have seen other unidentified lights. We are familiar with satellites and access the Heavens Above website to see what is flying over; did not check tonight due to the storm and cloudiness.