In this case, you are going to need a scanner that can watch the speed sensors results in real time. Not to say it is a speed sensor at fault, but often it is. May be a wiring harness as the next most common fault.
It may be worthwhile to pick up a code reader or have AutoZone check the codes. It may or may not have one in there.
When one or more sensor signals drops out, the computer thinks thinks the car is into a skid or at least knows that all four wheels appear to not be going the same speed. When it sees this it throw the ABS light and sometimes the Red brake light as in you case. The Traction control is also disabled.
You can do a visual inspection of the harnesses to be sure they look good and are attached. IF you have any wheelbearings going bad, most notably shown by a hum or play in the bearing, that may direct you to the source as well as the the sensor is part of the bearing on those I believe.
Sunday, April 20th, 2008 AT 5:20 AM