Red light changing to yellow then white then blue, then back down to red to fade out.

We were at a drive in movie theater seeing motorcycle movie (hells angles on wheels). The 3 of us saw a bright red light in the sky. As we looked it changed color to yelow then white then blue. Then it slowly went back down to red and faded away. But from the light came a square halo exspanding out then faded away. We did not see any break up action . I know this was a long time ago. I just have never gotten it out of my head. It may be space junk but the shape of the halo back then doesn't click with me ! The sighting date is wrong. See note in duration sq