A SWR meter shows whether an antenna presents the correct match to the transmitter. When the match is correct the antenna reflects the minimum power back into the transmitter.
The lower the reflected power the better. Tolerable levels of SWR are up to 2:1. Anything higher than this (e.g. 3:1) generally indicates a mismatch.
A high SWR measured at the transmitter (e.g. 5:1) is an indication of a fault in the antenna or feeder (and not the transmitter).
A dummy load is a screened resistor that can be connected instead of an antenna to allow a transmitter to be operated without radiating a signal. With a dummy load you should get a good SWR.