Please forgive my ignorance as I am a Newbie to Hot Tubs buttttt.....
We were just given a hot tub from a neighbor. They inherited this tub from the previous owner. It is a Morgan Spa Monterey. We had it moved down last week and electrician hooked it up and everything worked fine. All except I can't get the Bromine level high enough but that is another post. The Spa is hooked up to a 220V 50 Amp GFCI and appears to only have 1 pump (which seems to have 2 speeds (1 for circulation/filtering and the other for high jets)).

So yesterday we were about to get in and hit the Pump button 1 time and the pump seemed to just Hum for a few seconds and then shut off. The digital display showed 3 blinking lights. When I hit the pump button again twice it goes the the high circulation level and appears to work fine but the low circulation will not work. Also note that the Heater seems to work fine.

I looked to the Morgan Manual (which is horrible) and it says to:
1. reset system-Which I did with no difference
2. check water level- Level is fine
3. check filter- I cleaned filter the day we got it no difference.
4. Call Morgan spa tech

I also tried to run the low speed with no filter at all in the system which made no difference.

After reading several other posts Am I correct in thinking that it is either a bad pump or a pressure switch?

Sounds like a bad pump to me. You are getting 3 lights flashing which is probably is a low flow indicator. With the lights going out on high speed it shouldn't be a flow switch. Take the pump to your local pump repair company - they might find it's just a starter capacitor. Pete use this advice at your own risk http://www.makesmeshutter.com http://www.floridahotspring.com

UPDATE.

Well I was told first to try to replace the Startup Capacitor but not knowing anything I removed and replaced the Run Capacitor (there are actually 2 on this model motor) which of course did not solve the problem. I played around with it and as I said before the low speed will not start up the motor but when I switch it to high it goes fine. Also when I quickly switch it from high to low the low speed work fine. With these symptoms would a bad startup capacitor be causing the problem or would it still be a bad pump.

I would try the capacitor. Probably not expensive. Pete use this advice at your own risk http://www.makesmeshutter.com http://www.floridahotspring.com