I've seen wax do that before. If the hood was hot then it would have something to do with it. Wax can't bond properly to a hot surface. All it will do is smear around. Once it dries it becomes pretty tough to take off too. You almost need a machine to do it with some products.
It could be that you just began noticing some oxidation on your car. If its a pinkish red color then that sounds like oxidation. On a 91 then its totally possible. Something that I like to use is called Klasse. You can get it if you shop around for it.
www.tacscar.com sells it. I like going through them. Klasse did
THIS for a red car I did this summer. It was oxidized very badly. The first stage of Klasse is a kick ass paint cleaner. That would take off any wax residue, if that is your problem, or oxidation. Not to mention that it will make your car look amazing. Ask anyone who has used it.