Im a pilot and I remember studying these in a meteorology class. This is known as a fire rainbow. Its a cirrus cloud, usually high altitude. When the sun was at its peak today in the sky, around noon or so the light passed through the water vapor in the cloud and refracted causing the light to separate into the different colors. It is the same concept as a rainbow except these water particles are suspended in the air as a cloud. This is one of the rarest weather phenemenon in the world.
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