There are several threads on this problem, I too experienced it on my 95 XLT two weeks ago. The cheapest way, you can reset the computer by disconnecting your battery and leave it disconnected for several minutes. Some said just disconnect the positive terminal, others say the negative. I did mine the proper way to disconnect a battery, positive off first, then negative, re-install with positive first then negative.
You will have to reset your radio presets and the clock afterwards.
This method did fix some posters problems, unfortunately for me it kept coming back on after several minutes of driving. After the 3rd time of resetting decided it was time to bring to a reputable transmission shop I was referred to, not a franchise but rather a small type one man shop. Put the scanner on it and showed no 2nd gear. Stayed at the shop and he dropped the pan to find the remnants of the 2nd gear band.
Had a rebuild done and back in business. He did put a shift kit in also and I don't like the way it is downshiting from 2nd to first, it bangs a bit. He told me he noticed it too but to use it and if it didn't improve to bring it back in two weeks and he would drop the pan and make an adjustment. A week has passed and nothing improved so I'll be taking it back next week. Even before he rebuilt it he told me he has all customers return in two weeks for a checkup, a slight inconvenience but it appears he cares about his work.
Good luck with yours, I'll keep my fingers crossed it's nothing major, and perhaps the battery cable removal will fix.