There is a button in the centre consul where the shifter is press this in and out and see if the light comes on and off.
If working and the switch is off and the hold light comes on then this is a message to you that the automatic transmission
has a malfunction .
You will need to have a scan tool hooked up and check for transmission malfunction codes .
A code reader will not gather trans codes .
You will probably have notice when the light comes on that you have no overdrive .
The use of the Hold button, will let you start in 2nd and will only change up to 3rd but at a higher rpm and will not go into Overdrive .
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Kind regards Greg.