What does it mean when my anti-lock brake light comes on and the low traction light comes on and shuts off?

you need to replace a anti lock sending unit or speed sensor

You have a bad anti lock brake sensor the only thing you can do is replace it.

sounds like a ABS sensor has failed. Please have it checked soon,didnt like when you said brakes are slipping,this could be very dangerous.....hope this helps and good luck....Please rate my post and thank you ahead of time.

I think your traction control button is on the center console behind the Shifter.
But, I don't think that is the problem. That switch will cause the traction control and light to turn on and off. It should not affect the brake light and anti-lock light.

I would first check your brake fluid level. Top it off with the correct fluid. The fluid is a DOT number; like DOT3 or DOT5. Use the correct DOT fluid.
If the fluid is very low, you may need your brake fluid system bled to remove any air. And you may want to check the brake pads. Low fluid may mean you need new pads.

If that doesn't work, go to an auto parts store that will scan your car for ODB2 error codes. AutoZone will do it for free. I suspect you may have a bad wheel bearing. That will cause the ABS and Trac lights to go on. I've replaced GM bearing/sensors on several of my cars. The last one was my 2005 Bonneville. The bearing and sensor are combined in one unit.

It means the traction control system has been disabled. It can be done manually by pressing the switch on the dash or by an onboard computer (meaning there is a problem). If you can't press the button to get the light off, then get it scanned. Traction control system works with the anti-lock braking system and the engine to help the driver control the vehicle in the event it should be slipping or skidding. It will activate the anti-lock brakes, help reduce steering pressure to better steer and can sometimes cut out engine cylinders to reduce the power going to the wheels to better control in the skid.

The abs is your anti-lock braking system. It may work with your traction control light, I'm not sure. But you apparently have a problem with your anti-lock brakes. It could be the hydraulics or it could be the brakes themselves. I would have it checked out.

sound's like you just need to replace the brake pad's when they get to low the sensor will come on.

Anti lock brakes and traction controls will light if there is too much tire pressure differential. That mean a low tire turns more rpm in a mile than a full tire so it constantly thinks it is slipping in either /both taking off or braking... Tire pressure is important. Check it!

U have most likely damaged a wheel sensor ring, in order to ID the one you damaged u will need to have the ABS/TRACTION CONTROL system tested for trouble codes, this will lead to the right area for repair.

Has your Brake Pedal been Spongy or Go to the Floor at all Recently????