In 40 Questions About Christians and Biblical Law, Tom Schreiner discusses what Colossians 2:16-17 says about whether or not the Sabbath is binding upon believer.
In Colossians Paul identifies the Sabbath as a shadow along with requirements regarding foods, festivals, and the new moon (Col. 2:16-17). The Sabbath, in other words, points to Christ and is fulfilled in him. The words for “shadow” (skia) that Paul uses to describe the Sabbath is the same term the author of Hebrews used to describe Old Testament sacrifices. The law is only a “shadow” (skia) of the good things to come instead of the true form of these realities (Heb. 10:11). The argument is remarkably similar to what we see in Colossians: both contrast elements of the law as a shadow with the “substance” (sōma, Col. 2:17) or the “form” (eikona, Heb. 10:1) found in Christ. Paul does not denigrate the Sabbath. He salutes its place in salvation history, for, like the Old Testament sacrifices, though not in precisely the same way, it prepared the way for Christ. I know no one who thinks Old Testament sacrifices should be instituted today; and when we compare what Paul says about the Sabbath with such sacrifices, it seems right to conclude that he thinks the Sabbath is no longer binding.
Perhaps you’ve heard it argued that the Sabbaths of Colossians 2 are not weekly Sabbaths, but rather sabbatical years. To that, Schreiner writes,
… [T]his is a rather desperate expedient, for the most prominent day in the Jewish calendar was the weekly Sabbath. We know from secular sources that is was the observance of the weekly Sabbath that attracted the attention of Gentiles … . Perhaps sabbatical years are included here, but the weekly Sabbath should not be excluded, for it would naturally come to the mind of both Jewish and Gentile readers.
To conclude the argument:
What Paul says here is remarkable, for he lumps the Sabbaths together with the food laws, festivals like Passover, and new moons. All of these constitute shadows that anticipate the coming of Christ. Very few Christians think we must observe food laws, Passover, and new moon. But if this is the case, then it is difficult to see why the Sabbath should be observed since it is placed together with these other matters.
Watch for a review of this book soon.