Those dots are the deadlights (true form of Pennywise) and the reason why the kids are floating is because Pennywise is an entity outside of time and space and as such has mystical powers.
The Deadlights were writhing, radiant orange lights that were a mysterious but very deadly and terrifying eldritch form of energy that originated from the preternatural dimension known as the Macroverse (also known as the Todash Darkness).
There's another cool technical shot when we see the Losers chanting trying to defeat Pennywise. As they do, three orbs of light called the “Deadlights” are being sucked into a vessel which the Losers then try to close.
In the book, the ritual takes readers on a psychic journey into King's macroverse, the realm in which It's true form — the Deadlights that transfixed Bev when she saw inside Pennywise's mouth in the first movie — coexists alongside a massive, benevolent turtle named Maturin who vomitted out the mainstream universe in ...
The dreaded dark lord wields the Deadlights, which is also referred to as a type of magic. The Deadlights, when used, are able to cause great suffering to the point of death, and even possibly do things to the affected victim's soul.
Stephen King's 'IT' introduced readers to a one-of-a-kind creature that can take any form, the most common one being Pennywise the Dancing Clown, and as menacing as it is, this creature has one big enemy it's truly scared of: Maturin, the turtle.
The Spider, the true form of IT in the physical plain of existence. Throughout the novel, It is generally referred to as male. However, late in the novel, the characters come to realize that It is most likely female, due to its true form in the physical realm being that of a giant pregnant female spider.
And so the blood becomes a representation of the fear of her impending womanhood. To put it bluntly, the blood Bev sees is period blood. She is afraid of going through puberty and becoming a woman. She fears this because of her abusive, misogynistic father and the fact that boys and men already sexualize her.
Kersh is Pennywise's daughter.
The simplest and most obvious interpretation is that all the talk of floating is a reference to the fact that Pennywise (aka the titular "It") murders his victims and drags them down to the town's sewer system where he dwells, which is full of water. And what do dead bodies do in water? That's right — they float.
That hunger for tasty, tasty, beautiful fear is pretty much the sole reason It returns to Derry, Maine every 27 years to torment and feed on the townsfolk before retreating into a new cycle of slumber.
Georgie's Arm ('It')
After a creepy conversation with Pennywise, the killer clown chomps on Georgie's arm, leaving the boy to drag himself to safety as blood pours into the raindrops on the street before he's pulled into the drain by Pennywise, never to be seen again.
Pennywise offers Georgie his boat back, but when Georgie attempts to reach out to it, Pennywise grabs Georgie's arm and bites it off, leaving Georgie to bleed to death in the rain.
Image via Warner Bros. Finally, Pennywise is beaten into submission. He scurries away, utters the word "fear," and partially disintegrates before falling into the void. It's a powerful defeat of a powerful monster, and it's satisfaction enough were IT to remain a single film.
It was said on page 1361 that the Spider being both female and pregnant was a symbolic interperetation. Its not literal, but a representation of whatever equivalent but inconceivable reproductive capability It actually has.
In the novel, It claims that its true name is Robert "Bob" Gray, but decided to be named “It”. Throughout the book, It is generally referred to as male, usually appearing as Pennywise. The Losers come to believe It may be female after seeing it in the form of a monstrous giant spider that lays eggs.
And if his victim believes him to be powerless, he will become powerless. And so the group figures out that their best bet is, essentially, to bully the bully: They mock Pennywise, telling him he isn't scary. Humiliated, Pennywise begins to shrink, transforming into an almost Benjamin Button–like, melted clown-baby.
In the novel, It's origins are nebulous. He took the form of a clown most frequently, Mr. Bob Gray or Pennywise, but his true form is an ancient eldritch entity from another universe who landed in the town that would become Derry by way of an asteroid and first awoke in 1715.
In the 2017 film, Alvin is portrayed as sexually abusive towards Beverly (unlike in the novel and miniseries where it is just implied) making him even worse of a father, it is shown that he has a creepy and disturbing attraction towards his daughter and appears to manipulate her into thinking that she can trust nobody ...
Throughout the novel, Beverly is consistently abused by the men in her life. As a child, she is physically abused by her father Alvin. As an adult, due to the repressed memories of Derry, she marries Tom Rogan, who is physically and emotionally abusive towards her.
A god of destruction, not just of our world, but of multiple worlds and even multiple universes. It originated in a vast cosmic void between worlds that has been called, at times, the Macroverse, and in King's Dark Tower series, the Todash Darkness, in a space It refers to only as the Deadlights.
Throughout the summer and their trials against Pennywise and the school bullies, the Losers realize that none of the adults in Derry can actually see Pennywise or the horrors he is committing against the children of Derry.
What symbolizes a child's sense of imagination is manipulated to lure children to the clown, Pennywise (Bill Skarsgård). Pennywise's most notable ability is to manifest as each of the children's fears. Whenever the red balloon appears, it signals that Pennywise is close, if not already present.