If you ask me whether there is an effect from that red colour light on a person's life my answer is both "yes" and "no". No, because it is just a light. Yes, because it indicates a bad period to cross.
But if you attribute a godly character to the traffic light pole and starts worshipping it or think that there is a mystery in it. Then it is the lack of true knowledge and understanding.
That is why, about 2500 years ago Lord Buddha said "Kim Karrisatthi Taraka ?" What stars can do ?
It is not stars doing any thing to you. It is your own actions and the reactions of past actions (Karmas) are shaping your destiny. Your true savior is none but yourself as it is your duty to steer your life on the correct path.