1990 Acura Integra I revved it up to three thousand the engine light came on

Ok here is the story, when I start my car it is running fine, I can start driving it and as soon as it hits three thousand rpms the check engine light comes on and the car loses almost all its power. It will still operate but it is very slow and the tach starts dumping around 275 rpms. So I got out my timing light and checked the car when it was fresh and the timing was good at idle. It would rev up and idle but when I revved it up to three thousand the engine light came on and then the idle was well below optimum, and it was very unresponsive. So the timing is on? I don't know. Any suggestions?