what is new covenant theology?

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New Covenant Theology is a recent theological movement that is gathering traction in some Calvinistic Baptist Churches. NCT promoters would make a distinction between the "Old Covenant" which would seem to embody all of the old testament and the New Covenant in terms of law given ("The Law" vs the Law of Christ), covenant inclusion, covenant structure. The book that seems to sum up the position so far seems to be Kingdom Through Covenant.
 
That sounds like regular covenant theology, but I'm sure i don't really understand covenant theology. Sorry about all of this
 
NCT, as a distinct movement, is pretty far from standard Covenant Theology; and is pretty clearly separate from the historic English Baptist revision of it (as reflected in the 17th cent. Baptist Confessions).

In NCT, most everything OT is law (strictly speaking). There are shadows pointing to the future reality of messianic hope, but NCT (at least some forms of it) does not admit of a single Covenant of Grace that binds all of God's post-fall religious administration toward man together in a single, overarching design (though varying in its expression across the ages). The cross of Christ makes a thorough disjunction, and the NT represents the religion of grace.

NCT looks exclusively at the NT for absolutely all of its essential religious understanding. One really isn't going to find a Biblical Theology (meaning OT-NT combined for understanding) as the hermeneutical base, but rather a New Testament Theology. NCT doesn't "need" the OT for the present age, other than as proof the the NT was the fulfillment of OT expectation, and for other object lessons (ala 1Cor.10:11; Heb.11; etc.). It is a mixed (and inspired) history of pious expression, and not much else.

Nowhere is this clearer than in the ordinary rejection by NCT of the normative aspect of the 4th Commandment (Sabbath). If certain of Paul's NT statements do not need to be read right beside all the OT teaching, with Jesus' statements tying all this material together (rather than beginning the process of wedging the ages apart), then the Sabbath question has effectively broken apart the old moral-sum of the Ten Commandments irreparably. "Let no one judge you," Col.2:16, is read as the equivalent of "the 4th Commandment is obsolete."

Basically, NCT seeks a mediating position somewhere further away from Presbyterians than typical Reformed Baptists settle, but also moved away from standard dispensational theology of much of the baptist camp.
 
http://www.newcovenantmedia.com/home.php

Abraham’s Four Seeds is a very good introduction to/overview of New Covenant Theology if you want to understand it better and not risk coming to false conclusions about it.

New Covenant Theology is a theology which interprets the Old (counting the Old Testament as just as much God breathed and useful for doctrine etc... as the New) with the added light of the New rather than trying to interpret the New based on the Old.

NCT believes that the Gospel of saving grace was promised in Genesis 3:15 and also to Abraham in Genesis 12:3 and that there were those saved by this amazing grace, through faith (as Abraham himself was) all throughout Old Testament times (before and during the Covenant made at Sinai). However, they do not believe that a ‘covenant of grace’ (look and live) was made with physical Israel at Sinai, but rather a covenant of works (do this and live) and that not all physical Israel were ‘the church/spiritual Israel’.

NCT is credo baptistic, believing that the New Covenant ‘ekklesia’ is 100% made up of born again (of the Spirit, not of the flesh) saved by grace believers.
 
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