Just to close the loop, thanks everyone for tips/advice.

I think my car is in better shape now with recent transmission flush and rebuilt ABS module. It seems that I had a bad VSS (vehicle speed sensor) that was causing the flashing up arrow and CEL. Had it replaced, cleared codes and everything ...

Important- Please Read This First (Info for P2 Cars):
...the newer (P2- or '01 on) Volvo's transmission fluid flows in the opposite direction. In other words, when you take the tanny-to-radiator line off, you actually let the tranny flush out of the upper hose connection on the radiator with the ...

Ok, thanks for all of the advice.

First, I'll check the tranny fluid and have changed if necessary. Then I'll attempt to clean PNP.

btw, at the risk of sounding too much like a newbee, I'm ashamed to admitt I can't seem to locate the S70 transmission dipstick--anyone have any tips?

Hello--I would appreciate any expert help.

2000 S70 (standard, non-turbo)
117K miles

I had Check engine light come on with flashing up arrow; however ABS light never came on (comes on briefly at startup only). Volvo mechanic said I needed a new ABS brain, said car was starting off in 2nd gear ...