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Most likely it indicates transmission problems. The up-arrow indicator has multiple functions, and it also serves as the trouble indicator for the transmission. It may be something as simple as transmission overheating -- let it cool down for 2-3 hours, make sure the Transmission Fluid level is within limits, and try again.

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Q: In your 2002 Volvo s40t an blinking arrow and your check engine light stays on after getting stuck in the snow?
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