DaVinci Resolve 16 Not Caching

I recently started a new project without changing any settings and the timeline is not showing and blue/red lines at the top. When I playback footage with a layer of text above it, it gets really laggy and doesn't seem to improve after trying to play it back multiple times. Normally, the first time I play a clip with text/effects, it will lag, however, it will get better as I replay it and Davinci caches the clip. Any suggestions on what I should do to fix this issue?