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It means there is something wrong with the transmission system. It probably is something simple, but if you let it go it could turn into something major.
Get the codes read by someone with the proper tool. The auto parts stores that read codes free can't read Ford transmission codes.
Yes there are stored transmission codes, my last was when I had it in 4X4 low all day pulling people out of the snow, when I went back to high my switch must have been a little frozen bc it still displayed low on the dash, after a few miles at speed it threw a code for the light being on.