On 06/09/2015 at approx. 3 p.m. I was parked in my vehicle within the parking lot of my daughters' elementary school awaiting dismissal at 3:15 p.m. My vehicle was facing east and all windows were down. A minor motor vehicle accident had occurred within the lot about ten minutes earlier and had the attention of most people present. I looked up out of my driver's window at the dark, blackened thunderclouds which were moving in from the west. I observed a shiny, chrome oval/bean shape ascending slowly in a northerly direction. I believed the object to be a mylar balloon. It was several hundred feet away. The object then pulsated a bright red light for about about 2 seconds. It wasn't really a flash. I thought that the sun must be reflecting off of a picture on this balloon. But then it pulsed red again as it continued ascending. It was almost as if it was blinking on and off like aircraft beacon lights. The pulses became more rapid as it went higher towards the cloud. At this point I thought that perhaps it was a large drone with lights and not a balloon. I realized that the object was too large to be a mylar balloon for me to be able to still see it well at the distance it now was(over 500 feet away). But the oval/bean shape was wrong for a drone. As this object was approaching the black cloud I then observed a similar bright, pulsing red light come from within the cloud. This light was more muted as it was within the cloud. I saw no second object, just that light. The first object then pulsed red one more time and ascended into the cloud. I did not see any objects or lights after that. I don't know what I saw in this fleeting moment. I did not take any photo or video. I did not report this to any local authorities. My three year old daughter was with me in vehicle. The object was definitely unusual, but what puzzles me is the light in the cloud.