I just started taking a low dose of Zoloft (sertraline) and my lips itch and im getting red bumps evrrywhere and my chest feels tight, is this an allergic reaction?

Sounds like it! Anything you have never taken before can potentially cause a drug reaction. Please stop and consult your doctor asap.
Stop taking. Absolutely, stop taking immediately. If your chest is tight or breathing is at all compromised- go to your nearest er.