Q: Engine light/stability

The traction control system monitors the steering and stability of the vehicle and engages when loss of traction has been detected. This is done by the use of electronic sensors at each of the four wheels that communicate with the Powertrain Control Module (PCM) regarding steering performance and stability in adverse weather conditions. The traction control system works by reducing engine speed and determining which wheel to apply brake pressure to in order to prevent the vehicle from sliding. The anti-lock braking system and the traction control system work together to maintain the stability of the vehicle. The computer uses this information received from electronic sensors regarding the rotational speed of each wheel, the horizontal motion of the vehicle, and the vertical motion of the vehicle to determine how to direct the traction control system or the anti-lock braking system to best control the vehicle when needed. When this warning indicator light comes on in the dashboard, this could be an indication of several issues such as faulty wheel speed sensors, a faulty steering angle sensor, a faulty rotational speed sensor or a problem with the steering rack. In some cases, the traction control system may simply need to be reprogrammed. In addition, when any of these symptoms are detected, some vehicles may go into limp mode, as you describe rendering the vehicle unable to accelerate beyond about ~30mph.