Large circle with colored lights hovering not far above Looked like the ride at amusement park called tilt a world.

In the summer of 1978 I saw an object that had different colored lights in a large circle. It was not moving & I never heard any noise from it. The best description is a ride from an amusement park called the “tilt a world”. Only one was there. I was standing on the sidewalk with a friend when I looked up and saw it. It was a clear night with stars in the sky. I had never seen anything like this before & haven’t seen anything like it again. I was a child then but I clearly remember seeing this & I remember it like it was yesterday. I ran to tell my parents but by the time they got outside it was gone.