Problem with traction control??

Hi,

I own a 99 Mustang GT. It has ABS and traction control and lately I have trouble in the first and second gear when my rpm goes above 3000. Sometimes the check engine light turns on, at other times, it seems the tires turn(even though the steering wheel is straight) and sometimes both happens. Does anyone has any idea as to what could be the problem? This doesnt happen below 3000 rpm.

I hope I am communicating my trouble well enough.

Thanks!