Good Joe!
I saw mud's similar Post in another section here and replied with this;
yo!
Is your Transmission Control Indicator Lamp (TCIL) Flashing? If so. do a SELF Check for Codes; see BroncoJoe's DIY Self Test here
I believe your TCIL Switch (Over Drive Off/On(\) is on the instr panel?
Try shutting OD OFF and letting us know what happens, as well as with the Self Test.
Problems could be (just guesses);
Check fluid level and condition (obvios, sorry, but need to do it anyway) - Low Transmission Fluid Level And Or Shift And Or Engagement Concerns TSB 97-12-13 for 87-96 Bronco & many others; "...may have low fluid level and/or may have either a shift concern and/or an engagement concern. This may be caused by transmission fluid leaking from the transmission into the transfer case through the transfer case input seal. Replace the transfer case input seal..." read more Source: by Ford via thedieselstop.com
Transmission Control Indicator Lamp (TCIL) Flashing Diagnostic Trouble Codes 62, 628 and/or 1728 & transmission shifts hard TSB 98-4-19 for 90-96
VSS Sensor
MLPS Sensor
DTC 617 - 1-2 shift error. "...IF this code persists and you have noticed shift problems while driving, its going to be a shift servo inside the E4OD tha has failed. (Computer needs to control when the tranny is shifting)..."
Erratic Shifts & Multiple Diagnostic Trouble Codes Source: by jasperengines.com
Late 1-2 upshift; Accumulator Body Problems; The small valve indicated in the picture above will wear the hole causing the small valve to stick partially open. When the valve would stick, it caused a late 1-2 upshift, you actually had to let up on the throttle for it to shift, then all of the other shifts were perfect. Source: by specialtytrans.com "Overdrive one way clutch. All the power that comes into the transmission in first through third gears comes in through the OD one-way clutch. There is also a coast clutch that will perform the same function as the OD one-way, but it is only intended to provide engine braking. Since it is only meant for engine braking it is a very small clutch pack and does not perform the work of moving the vehicle forward well, that is why you get the sluggishness. The coast clutch is only applied when OD is cancelled, or manual first or second is selected. This is why your transmission works under these conditions. In OD normal operation is that the coast clutch is off and the OD one-way is overrunning, therefore, OD works normally..." by Overdrive one way clutch. All the power that comes into the transmission in first through third gears comes in through the OD one-way clutch. There is also a coast clutch that will perform the same function as the OD one-way, but it is only intended to provide engine braking. Since it is only meant for engine braking it is a very small clutch pack and does not perform the work of moving the vehicle forward well, that is why you get the sluggishness. The coast clutch is only applied when OD is cancelled, or manual first or second is selected. This is why your transmission works under these conditions. In OD normal operation is that the coast clutch is off and the OD one-way is overrunning, therefore, OD works normally