Jim says,
No, the SWR being measured is on the load side of the meter.
=========================================
Jim,

I have difficulty in telling you this without hurting your feelings.
Or perhaps you are just joking and pulling my leg. Try the other one -
its got bells on.

I will assume you are not joking. You clearly havn't the foggiest idea
of how the so-called SWR meter works. Although you may be in good
company - including not a few professional engineers who have picked
up old-wives' tales from radio amateurs. And have been led astray by
the meter being called something which it isn't.

The meter indicates SWR when placed at the ANTENNA end of the line. It
is the antenna which does the terminating. And the meter gives the
correct answers only when the line Zo = 50 ohms.

If there is a tuner or matching network in the line then the meter
will indicate SWR on the line between the transmitter and the tuner -
provided the meter is placed next to the tuner.

When there is no appreciable length of line between transmitter and
tuner (as is the very common case) there is no line on which to
measure SWR. But the meter will indicate an SWR - and tells lies.

But there's nothing to worry about just because the meter is
indicating SWR nonsense. The meter is telling you what you really
want to know, its exactly why you placed it there - whether or not
the transmitter is loaded with 50 ohms.
----
Reg.