Watching the night sky I witnessed a bright red light hovering just SW of my location. A few seconds later it began to slowly move W, occasionally moving backwards. I immediately went to grab my binoculars. When I got a closer look it was a cone shape craft with a red orb light on the bottom.Also, from the time I went from my front yard to the back yard, it seemed to have moved further away in a matter of a few seconds. I observed this, along with my wife, until it disappeared behind some trees along the horizon.