Multicolor flickering light shines bright, moves slow up into the sky until it's too far to be seen.

A Light that was shining brighter than all the other stars above the foothills to the east, (southeast?) caught my attention. I point it out to my friend and we observe that it not only is more bright it also is shining differently than surrounding stars. We see that it is shining different colors, blue, red, green, neon-purple, white, a brilliant patchy flickering of colors. At first, it appears to be staying still, but then we see that it is moving slowly, slowly upwards. As it moves up it gets smaller and smaller until it can no longer be seen.