Watchmen TV Show - 10 Theories From The New Teaser
7. The Black Freighter
Combine the pirate flag we see within the trailer itself, and the fact that one of the series' characters has been revealed to be named 'Pirate Jenny', and we've clearly got a fun pirate-based element to the impending series.
The flag itself is a copy of that found within tales of the Black Freighter, a comic series that exists within the Watchmen universe, and links closely with the themes of the comic itself. While the flag may represent the 'rebel' faction fighting the police, there's also a chance it means a whole lot more.
The colours and layout of the flag are, at a point in the comic, paralleled with that of a radiation warning sign, bringing together the bloodshed of the Freighter comic, and the bloodthirst that had lead people to support a potential nuclear war.
The fact that the flag is supported by a scythe only further supports this, suggesting that there may exist another faction in this universe who have drawn similar meaning from the Tales of the Black Freighter.