Pulsing light

I was awakened around 5am to several loud thumps. I was afraid someone was breaking into something so I got up. I didn’t put on my glasses at first. I looked out my window and when I turned to the southeast I noticed a bright light that was actually moving. My first thought was plane or helicopter so I went and got my glasses and looked back at object.
The object was staying in the same spot but would bob up and down and move left to right and go back to the same spot. The light pulsed and changed colors. Orange, red, yellow, green, black and yellow. I tried to get pictures but my phone screen and my camera screen wouldn’t show anything when I pointed it at the light. I could see everything else but the object and so I didn’t try to take pics or video. I can’t see it having been a helicopter or maybe a balloon with a light of some sort on it as it would have left and I heard NOTHING!!
It was near a star so I could watch the movement of this thing and it moved the same as the stars except for when it would go up and down or left and right slightly. I am extremely mystified by this. I have only seen one other strange light in the sky and this was truly amazing.

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