My VOLVO 2002 S60 ABS and traction lights are on, how can I fix that?

This light usually comes on if you have a failed wheel speed sensor but these vehicles are common for the ABS module to fail causing the same problem. You can back probe the wires comming out of each wheel speed sensor with the wheel lifted in the air and check for ac voltage as you spin the wheel.

What ever sensor does not put out voltage needs to be replaced if they all seeem to work it is likely the ABS module. You can get a used abs module from www.car-parts.com sort by price and have them ship it to you. But before you replace any parts you would want to have the ABS module checked for codes at one of your local shops that has a high end scantool that can access those codes.

Hope this helps and just keep in mind that your feedback is important and I'll appreciate your time and consideration if you leave some testimonial comment about this answer.

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Jose.