I went out into my backyard with dogs just before 10pm. My home is in Park Ridge, just east of OHare, so air traffic is common. As I looked up, I noticed a bright orange light, moving slowly but smoothly in a south to north direction. It seemed to stall (hover) and then dipped vertically and seemed to make almost a figure 8 path, then appearing to come westward (toward my position) slightly until it started drifting smoothly north again. My initial impression was that it was a flare or firework...but its light neither diminished nor became a firework. I watched it for approximately 2 minutes. The dogs had no noticeable reaction. There was no sound from it. It was moving slowly enough that I thought I could get inside to get a camera.
When I returned within about 20 seconds, I came back outside and could see the light through a tree in my back yard, still elevated (but under the clouds) and moving slowly (south to north). From my position, I would estimate it was a couple miles east of me. It's a cloudy night, but it was lower than the clouds. As I tried to fix my camera on it (using an iPad), it took a smooth, ascending trajectory at a slight northeast direction. Its path, at this point, looked like how a jet flies, but there was still no sound and it was still the bright (non pulsing) orange light. It disappeared into the clouds. I could not get an image on the iPad.
My own reaction to it was immediately, "what the hell is that?" thinking it may be a flare, but then when it dipped, I thought...could that be a helicopter (too abrupt in its movement and way too bright of an orange, non-aviation light). Then I quickly wondered if it could be a remote control plane...but it's 10pm, too bright and if it were a RC plane, with a light that bright, it would have been on the next street, and I would have been able to hear it. Because its movement was initially south to north, I did not believe it was a jet from OHare (their flight paths are almost always east/west, west/east over our house) and with its slowed rate and vertical movement, lack of sound, constant light, I thought there was minimal chance of it being commercial aircraft.
Admittedly, I'm interested in UFOs. However, living near OHare, I've never had an experience in which I thought it was anything other than an aircraft. I've never made a report like this before. By profession, I'm a clinical psychologist, so I'd like to think I'm able to be relatively objective.