This sounds like a standard IT band problem that has been discussed forever on this board. Search the archives and you will find lots of helpful suggestions.
I also had lots of problems with my knees a couple of years ago (I still have to be careful), it wasn’t ITB, but I also had sharp pains (first after running, but then all the time and during running) on the outside of the knee and after a while also under.
It turned out I had some arthrosis (cartilage issues at least). So be careful and go see a doctor.
The best usually when buying new shoes is to alternate between the old and new ones for about 3 weeks at least. Then get rid of the old ones. Of course, you must do this before they have lost all their benefits (cushioning, …).
I’m also experiencing the first pain of what may be ITBS and found this article yesterday that explained how running on crowned roads may cause the problem. The down leg is affected and that is exactly the case with me. I run facing traffic and my left knee is in pain. I plan to try to run on either the center of the road in just my neighborhood, or on a nearby flat trail. Here’s the link: http://www.pponline.co.uk/encyc/0168.htm
I had an IT band problem last season, quite a bummer.
Remember, shoe companies change shoes but leave the name because it “sells”. It’s like comparing model years on cars. Your old favorites may have been changed this year without you even knowing it.
Check out this very informative link I found when I was hurting.
You might want to ask the expert. Go to the forum of the Julstro web site (Julie Donnelly wrote “The Pain-Free Triathlete”). Ask your question there or check out some of the posts. She answers all of the questions herself.