The wax I use is a is a polishing wax called Renaissance Wax. You wipe it on with a paper towel then polish it off with a clean towel. It will leave a thin coat of wax on the rod that should not push down the rod. Renaissance Wax is about $20 for a 7 oz. jar at most woodworking stores (Woodcraft, Rocklers, Ect.). I am using a jar I bought 5 years ago and have only used a 1/4 of it.
Brian