This is why I check and clear codes at every oil change. No need to be confused with old codes. The abs codes are for the rear wheel sensors, if they get real dirty the codes will be set. A wire brush to the axle will clean out the rust and allow the sensor to 'see' the groves again.

The ABS goes through a self check at about 18mph after engine start, no errors and the light will turn off.

The flashing arrow is the result of the PNP switch starting to go bad. A fairly easy fix. Rowing the shifter about 20 times will add 6 months to the life of the PNP, but it will eventually need to be replaced.

The lack of movement when the arrow flashes is caused by the tranny going into limp home mode - 3rd gear only. Only lots of stop and go driving in 3rd will be bad for the torque converter.

Ignore the code for the #1 solenoid for now. It should clean up when you flush the tranny fluid.

Klaus
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Two great Volvos, a 1967 220 and a 1998 V70R