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This could be Low-Ink or paper Jam.
Try turning off The printer, Unplug from The Mains Electric, for 3-5 Minutes.
Turn back On, if Lights Are Still There. Check The Ink-Levels.
And Replace Cartridges, if necessary.
Turn the printer off.
Disconnect the AC power.
Reconnect the AC power.
Turn the printer on.
Start the HP Support Tool software on your computer, and check the ink-levels on the printer -- no ink means no printing.
Do the lights blink in a specific, repeating, pattern?
Have you looked at http://support.hp.com and entered your model-number, and looked at the "common trouble-shooting" suggestions?
HP has an excellent online support site with detailed instructions to help you clear this error. Click here to see them.
I hope this information allows you to resolve this issue. If you need further assistance, please post back with a comment to this thread. If I've managed to answer your question or solve a problem, please take just a moment to rate this post....thanks!
Check page 10 in the manual at this link: http://h10032.www1.hp.com/ctg/Manual/bpd09384.pdf
Ifthe "Resume" & "Power" buttons & lights are the ones you referto, then here is a page explaining how to resolve this issue: http://h20000.www2.hp.com/bizsupport/TechSupport/Document.jsp?lang=en&cc=us&taskId=110&prodSeriesId=71895&prodTypeId=18972&prodSeriesId=71895&objectID=c00681585
uaually the LED blinnks when there is no ink or when it runs low on ink.
But since the LED is kept there to indicate any error happens to the printer....
1. So I suggest that you should take out the printer cartridges and check all of them....shake well before you put it back.
Now open Control panel - printers and fexes - right click HP 5550 - Properties
There should an option to see the ink levels. If you can see the ink levels....it means that printer can detect the cartridges. Now the printer LED should be turned off.
If the above doesn't work, try this;
Check the printer que .. if there are print jobs pending, the LED will blink. Delete the print jobs, and restart the machine.
This should solve your problem.