Driving down the road, lost power and Traction control light flashes.

[dacaur2]

Yesterday I am driving down he road at about 30-35 MPH when I notice each time I press on the gas harder I lose engine power and the TC light flashes. Let off the gas to just maintain speed and its fine, press harder to accelerate and it happens again.
I was just driving about a mile to my childs school so didnt have time to mess with it too much as I was driving, then it sat for 4 hours, and when I drove home, it didnt do it....

Any idea on what happend or anything I should check?

 

[Explorer_PL]

ABS sensor in one of the wheel probably.
You can visually check the tone rings on the rear CV shafts for any cracks or gaps.