Hi, Movement in the wheel when grabbed top and botton usually indicates worn wheel bearing, check however that the play is in the wheel only and not the whole hub and lower arm, wear in the lower arm bushes will also allow the wheel to move slightly. Side to side in the wheel could be wheel bearings, lower arm bsuhes or more commonly for side to side movement is play in the track rod end balljoint where the steering rack end joins the hub, also when wobbling it side to side, pop your head over the wing and look at the steering wheel....sometimes the steering wheel will move slightly when trying to check for play in the bearings and it can seem like there is play there. If the steering wheel doesn't mave at all and yet the wheel moves side to side check the items mentioned above. The knocking I believe is usually down to the anti roll bar 'drop links' but I haven't had dealings with Volvo's long enough to have dealt with these. All the best, Paul.