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Check your printer's ink levels. The red X may go with any of a number of faults, and so specific indications must be sought with a little additional effort. Low ink or 'Ink Alert' is the most usual thing to go with the red-X on the panel, I think.
As for squeaking... that is most likely to be caused by a stiff rotational bearing in a part of the printer, or in the toner cartridge. If the toner cartridge ink level is not low, it might nonetheless be a defective cartridge, and cause worse problems than squeaking by and by, if it does indeed have a stiff bearing!
If you do decide to try swapping out the cartridge for another, be sure to save the original / 'old' cartridge in the new one's packaging, in case it turns out to be OK and to be re-usable.
(Are you by any chance using 'HP compatible' or remanufactured or refilled cartridges? that would make the squeaking being in the cartridge more probable.)