UFO Sighting in Southaven, Mississippi on July 4th 2015 – Red and Green lights. Object hovered and slowly vanished.

On the 4th of July, 2015, I was at a firework celebration with several friends, and nearly half the city. Me and some friends were watching the fireworks, when we noticed a strange object off in the distance. It was pretty far off the ground and was thought to be some type of Drone, Helicopter, or even a firework. It did not seem to be the case. I over heard a few people saying "look at that!" and started to record. It had red and green lights switching back and forth. Many people were looking at the object instead of the fireworks. It was very strange to see hovering. It wasn't a flare or a helicopter because it was a little visible from all the lights. It was a dark object but was in the shape of a sphere. It made no noise, just an ominous hover. After watching the object for at least ten minutes, it started to move south east, and vanished from sight. The friend I was with has had encounters with these type of strange events in the past, and is also a pilot for Fedex, and has had strange encounters. It did not appear to be any type of civilian drone, aircraft or helicopter due to no noise. In the surrounding area, including Olive Branch, MS, this strange event was witnessed and video taped by people in other areas.