We've added three new status indicators to iTunes Connect which give you a more precise indication of the state of your app when you are submitting your binary for approval.
Prepare for Upload indicates that you have created a new version, but you have not yet clicked the Ready to Submit Binary button, which indicates that you are ready to deliver a binary through Application Loader. This state's status color is yellow.
Pending Developer Release indicates that the version of your app has been approved by App Review and you have turned on the Version Release Control, but have not yet clicked Send Version Live. This state's status color is yellow. You should also see a pending action symbol on the version. Your version will remain in this state, and thus will not be live on the App Store until you click Send Version Live.
Processing for App Store indicates that the version is being processed to go live on the App Store. Once the processing is complete, the version state will change to "Ready for Sale." This state is very temporary (1-2 hours). This state's status color is yellow.