Do you know which movie this is from?

This has been bugging me for years. There is this horror movie that I
watched when I was young. I only remember this scene:
It is set in a backyard or front yard, at night. It's dark and there
were two teenage boys goofing around. I remember they had a red
balloon and a coat hanger and there was the guy's belly button. I do
not seem to remember much of it, I think there was a clown there too,
like Pennywise from the movie It ... I think.
I hope someone knows...