The PS will not start up fully - and the fan will not spin - without a load on it, in fact it probably won't start up at all!
If you get any voltages at all using that method, there will not be voltages on all the wires!
It must detect feedback voltages from certain wires on the mboard connected to the main connector, the PS must be connected to the mboard, in order for it to start up fully, and the fan spin. If there is something seriously wrong with your mboard, it will not start up fully.
Try it on another working computer. If it doesn't work, it's dead for sure.
If the PS stinks of burnt wires / burnt plastic when you sniff it near it's fan outlet when it's off, it's probably dead. If in addition the fan will not turn, it's 90% sure it's dead. The fan should turn in jumps when it's off, that's normal, but it should not be difficult to turn.
If you have just added ram you haven't used in this mboard before, using incompatible ram can cause your mboard to NOT BOOT!
If you have just flashed your bios, and you used thev wrong update, or something went wrong with the flash, or the flash chip physically failed while flashing (which is COMMON), your mboard WILL NOT BOOT.