I had let my dog out into the yard. It did not return for awhile so I went outside to check on her. As I was between the house and the garage I looked towards the street (northward) to see it she was there. It was a very clear sky with only some light clouds, I noticed a bright white object, which I initially thought was an airplane. The object was traveling (southward) about the speed of a airplane, but I could not see any wings on the object. I went on looking for my dog, which I found about 10 seconds later. I returned back to my original location to look at the object again, but still could not see any wings. The object then went over the clouds, but was still visible thru them, it also appeared to be slowing down. As it cleared the clouds, it stopped directly above me. I could not see any details of the object, which appeared to be just a bright light. I run into my house to get a my binoculars. I returned and tried to locate the object and focus on it, but had some difficulty. Finally, I was able to focus on the light as I looked at the light, I noticed a circular object above it. The circular object was barely visible because of the blue of the sky, and the extreme height. I saw the object for about 20 seconds, but lowered the my binoculars to look at it again with my eyes, I could not see the circular object with my naked eyes. I again tried to see it with my binoculars, but had difficulty locating it. The object then appeared to ascend to where I could barely see the white light emitting with the body of the object, and finally disappeared. The object had multiple rings around it, suggesting different levels or contours. It was huge, and had to be over 50,000 feet high. With my binoculars I can see details of an airplane, which cruise at 35,000 feet. This object was fading into the blue of the sky.