Approximately 11 pm march 31. i spotted a red light behind a small aircraft. it first looked like the light of another aircraft close behind. i thought they would collide. the small plane flew off in a westerly direction leaving the red object clearly visible. it had what i would describe as a ' thimble' shape. it was bright red and appeared to spin. after awhile it descended straight down. just below rooftops. i thought it might have crashed but after 30 to 60 seconds it rose again to about its previous height. it then travelled in a northerly direction out of my range of sight. i observed all this looking out my second floor window.