hey everyone!
I just invested tons of money in my 1998 volvo v70, non-turbo, 150k, a/t (new tires and brakes all around, new cv axles, struts, ac compressor and just when i thought i would be trouble free for a while-> surprise!

Arrow on the warning lights dashboard comes and goes. Sometimes its not on when i put the key in position#1, if that is the case it would not come when driving all. If i press "W" mode or put the transmission into "D3" it would appear-so light is there, bulb is not burnt.
Some other times when i put key in position#1 arrow would appear along the other 9 lights and if that is the case it would stay lit after i start the car. When i put it in "d" it would go away.
Sometimes (like today) arrow was on after startup and since car was idling for few minutes, arrow started flushing-that triggered CEL (no codes after scann?!?). I dont know if that is limp mode or my scanner is bad but I thought transmission is suppose to throw p07.. code?

I cleared cel and flashing arrow and drove the car home-22 miles-no problems or lights coming on, it shifted just fine.

Do I need new tranny? Is there something else that could cause this light to come and go?
thanks!

 

Guys, where is the transmission comp located on 98 v70? I think i am going to try that first.