A stationary red circle moves down straight in sky, emits light, stops briefly and moves in a perfect straight line to its left.

It was early morning, overcast and before the sun had come above the horizon. I was outside facing southeast when I noticed a red circle in the sky. I figured it to be a bright planet or satellite till it moved directly downwards in a perfectly straight line before coming to a hovering stop once more. I believe I may have seen a white light also come from the bottom of the the red circle around this time. After staying perfectly still in its new position for a few moments it then started to move to its left in the same unwavering, straight motion as it had when it dropped position. During this movement trees obscured my vision and I did not see what happened after. The distance I perceived the circle to be at was far but within the cloud layer. To my eye it looked as though it was moving fast during its perfect movement. I did not see anything other than the red circle and what may have been white light from the bottom of the circle.