OP you can test your wheel speed sensors with an analog multimeter.

If you continue down this path of self diagnostics, you need to ditch your code reader and get some software. The software is free and the cable can be had for 15-20 bucks. The first time you run a code with this set up, you made yourself 50 bucks!!! You will need a laptop, preferably one with XP.

__________________
2001 E53 4.4 Alpine White, Sports Package
2000 E36/7 2.8 5 speed Bright Red w/ a HT!