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Tranny Won't Shift Into Drive or Reverse S40-V40

I was driving in the rain last night, and I looked down at my gauges and noticed the transmission light was flashing. I had floored about 15 minutes before, and spun the tires through first and second gear. I didn't notice anything strange when I did it or after. The light didn't start flashing till I was sitting at a stop light. Then when the light turned green, I gave it gas and it just revved. Then it went into gear and then at the next stop light it did the same thing. So I parked the car at a grocery store and got a ride from a friend who was following me. The car has 50.5kmiles on it and is a 2000 S40. I flushed the tranny fluid with synthetic about 10k ago. I checked the tranny fluid level and it was fine. Does anyone have any ideas of what it could be?
Thanks,
Dave






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