Posted by Henry1 on Wednesday, May 25, 2011 at 6:36pm.
Since you say "features" in the first clause, you should not have "first" and "second" in separate sentences. Try this:
the interior monologue has the following features: First, it is immediate since it lacks the conventional syntax and it is free from introductory expressions; second, it is characterized by two levels of narration.
Because the clauses after the colon make a complete sentence, you need to capitalize the F on "first."
http://grammar.ccc.commnet.edu/grammar/marks/colon.htm
Read the section right below the box.
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