In my youth, my friend and I witnessed an inverted, glowing teacup hovering over Fairfield University campus.

I'm sorry I don't remember the exact dates or even year, as this happened over 30 years ago, but I do remember exactly what I saw.  I was in the back seat of my parent's car along with my childhood friend Raymond, and we were driving from my house to my Uncle and Aunt's house.  We were driving past the SW corner of the Fairfield University campus, and for some reason Raymond and I were looking out the back window, up at the sky.  Maybe it was because a few days earlier we'd also seen something that caught our eye up in the sky.
It was just before dusk, and the sky was beginning to darken.  Hovering over the corner of the campus was a glowing object, pale yellow.  It had a shallow convex bottom, and the top was an inverted teacup shape.  For some reason it seemed to be spinning clockwise, while there was a ring of green and red lights that made up a belt where the top and bottom of the object met.  This ring of lights moved in a counter clockwise direction.
It just hovered there, maybe about the size of half dollar or dollar coin from our perspective.  I have no idea how high up in the sky it was.
We sat in silence and watched this object as we drove past.  When the car turned left at the corner, we watched until it was out of sight.  We then turned to one another to confirm that we both just witnessed the same thing.  Raymond confirmed what he saw, and neither of us thought to mention it to my parents.
Witness indicates that the date of the incident is approximate.  PD