Don,
When was the last time you changed the serpentine belt and tensioners? The belt got wet and when you shifted from D to 3, the tranny goes into "neutral" before grabbing third gear and your rpms fell and the belt slipped. It's OK. No harm done. BTW, I shift my cars a lot. The neighborhood is hilly and the speed limit is 25 or 30, so I like to be in 2nd gear - the cops are nasty. I always figured that I was helping the PNP switch stay clean.
Check your tranny fluid and flush it every 25K miles.

Klaus
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(1975 164, 1995 854T, 1998 V70R)

mine did the same thing in tremendous rain, never did it again, how deep were the puddles and how much was it raining. kelly

I know others have mentioned on this board that rain can cause the accessories belt to slip and make the dash "light up like a Christmas tree." Shifting like that, while still going slow, may have increased the RPM's enough to make the belt slip a little. Previous posts dealing with this usually have the person driving and hitting a puddle, which splashes water up onto the belt. Just a thought.

Also, when my PNP acted up, no lights but the arrow came on for me. While I didn't shift my car but from drive to park to reverse, etc, it did act funky sometimes in drive (starting up like it was in winter mode).

Sounds like PNP...but why in the world are you shifting with an auto? I just never do that.
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1998 S70 T5 Emarald Green Metallic, 2004 V70 2.5T Ruby Red, Previous Owner of Black '94 850 Turbo Wagon. My cars have been running so well lately they've got me worried.