On my drive in from work today my transmission started acting up. When I acclerate from a stop, the rpm goes up but the car acclerates really slow. It eventually picks up speed but doesn't shift to higher gear. Rpm keeps going up as the speed goes up. Same thing on the way down, rpm comes down as the speed comes down but I don't feel it changing gears. It feels like I only have second (or third?) gear.

I checked transmission fluid and it looked normal. It's a 1995 Contour with the 2.5L engine and 125,000 miles.

Any ideas?

Thanks.