I'm no expert, but I've got a '93 Loyale wagon, and my light's on as well. But when you do the test, the CEL (check engine light) isn't the one that will flash. The light that will flash to give you the code is actually the LED on the top of a computer box thingy underneath the steering column. It's a real pain in the neck (and lower back) to get at:
Remove the knee panel beneath the steering wheel that keeps all the wires up underneath the dash. Lay on your back or your side, and look for a tan (on my car) colored metal box about the size of dvd case, only thicker. This unit is directly engine-ward from the spot where the steering column meets the dash, and you can only see it when your head is in the footwell. There is a 'slot' or 'opening' in the side closest to the underside of the steering wheel, and the LED is inside there. So, once the test leads are connected, and the key is in the ignition in the proper position (run?) you will see the LED blink a pattern.
Mine came back as "EGR Solenoid Valve".... but I still haven't gotten around to actually finding the EGR valve