It's your neck model, you have altered your clothes to include the side pouch, this, along with a few other neck and belt models too, alter the point of focus around your body, this is most easily noticed when customizing your clothes, and you have a light source active...you will see it shift to somewhere else on your person.
Edit: The belt models include the swords on your hip.
The point of focus for all characters is slightly in front of, and above, your character (as you said, you see this when casting where the spell effect appears), but these models shift it to be centered on you, and lower, right inside your torso.
this is only my guess based on observation, change your neck model and test again, I should be right. Hope it helps.
