This was created with a write and trash program that I made a while back. Basically I set up a few loops, drew circles across the screen, varied their hues, saturations, and values by their polar coordinates, and set the radial movement speed of the brush to depend on the radius being drawn.
Lots of tweaking of the base code and then lots of blending code revamps led to this cool thing.

What is it? It's abstract. That's the question you're supposed to ask.