That'd be the crank position sensor. Very important part there, the car won't run if that isn't working. I don't think bumping it would bend it into the crank wheel. That sensor should be VERY close to the toothed wheel, that's normal.
Screeching noise...how are the rest of the belts? Pulleys OK? Any unusual oil leaks (I know, dumb questions). I can't think of anything that'd screech like that from pulling a belt. I pulled mine for the same reason, no odd noises at all.
Cam pos sensor is in the front of the head, top front of the engine.