Bright red and orange lightShortly after the local fireworks display, myself and two other witnesses saw a brightly glowing light. It was red in color and about every five seconds changing to a burnt orange for almost a second and then back to red.I first saw it moving south as it made a fast sharp left turn heading east and then moving at a slower speed. As it moved east it looked to have a burst of speed every time it changed color, then slowing down again. The light traveled about a third of the sky then just simply stopped and hovered for about 40 seconds. While it was just sitting there it was still changing color from red to burnt orange then back again, and every time it changed color it got dimmed in brightness, the it simply just disappeared.There was some cloud cover because it lightly rained just before the fireworks display. At the time of the sighting there was no rain but the clouds remained. The light was below the cloud cover the entire time that we saw it and there was no wind movement and we heard no sound other then a few people setting off firecrackers. It was the weirdest thing I have ever seen!