My girls used to call these 'cloud rainbows', and another name is 'sun dogs'. I've heard they are the reflection of the sun's rays through ice crystals. I'll have to learn more about this beautiful phenomena.
"But while he thought on these things, behold, the angel of the LORD appeared unto him in a dream, saying, Joseph, thou son of David, fear not to take unto thee Mary thy wife: for That which is conceived in her is of the Holy Spirit." (Matthew 1:20)