That does sound like an allergy. Stop using it, take some allergy meds until it clears up. Then add the products back one at time as said before to find out what it is.
I have the very same problem with Mary Kay products. One idiot consultant told me at my friends party that her products were "hypoallergenic" and it could not possibly cause skin problems. She was very condescending about it. LOL! I let her put it on my face which turned red as a beet in only 3 minutes. She changed her tone real quick after that! It was worth the red face!
I am thinking, because you did not mention foundation, that it is the moisturizer. When you try it again use it only on a small area to test it!