Thank you! The lift seemed ok but moving forward and reverse seemed to be sluggish and low on "power" even though my rpm's were running higher. When I remove the red cap there is a red "spacer " that sits on top of the filter. If I add fluid how far up should it come to the red cap?

If the mast lifts all the way without cavitating then you have enough fluid. You can add type 032 hydraulic fluid by removing the red cap.