Vehicle speed is monitored by your on board computer (pcm) on your silverado with the 4L60E to help determine when a transmission shift should occur. The vehicle speed sensor is mounted on the transmission case on 2wd models and transfer case on 4wd models....It is a permanet magnet sensor and sends a variable voltage according to speed to the PCM.....The PCM converts the AC voltage to a digital reading....The AC voltage is .5 voltage at 150 rpm all the way to a 100 volts at 8000 rpms( output shaft rpm)....If for any reason the PCM does not "see" a low voltage signal, PO502 will be set...If PO502 is set, the SES will turn on,maximum line pressure will result along with only having second gear..If you need help in diagnosing this code without just throwing parts at it,I can help you...I have 35 years experience in the trans business and if I cant figure out your problem,I will gladly refund your money...Thanks !!!
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