95 volvo 850 glt non turbo is kicking down hard when i let up onthe gas
or slow down. Check engine light just came on and orange arrow started
flashing. Please help

 

In the immortal words of Jeremy Clarkson - "That's toast!"

Kidding aside, your symptoms don't sound good. Your transmission is probably gone. Try reading the trouble codes first, here is how to do that:
http://volvospeed.com/Repair/a1.html

Then report back and maybe somebody can find a solution.

 

Thanks I will read the codes and get back ..Thank you

 

While your reading code check you fluid level.