Neither Covenant theology nor Dispensationalism have any support in the plain word of God.
Here’s something from Thomas Ice ...
WHAT IS DISPENSATIONALISM?
by Thomas Ice
Many evangelicals and liberals believe that dispensationalism is either downright heresy or close to it. In fact, few years ago, while pastor of a church, a lady in my congregation ask me, “Why is dispensationalism bad?” I asked what provoked her question. She had recently talked to a woman who knew that our church was dispensational. The women spoke harshly against dispensationalism to my congregate and warned her that it was unscriptural and no biblically responsible Christian should be involved in such heresy. For many, dispensationalism is a Christian cuss word! The lady in my church ask: “What is dispensationalism?” That is a good question. I hope to answer it in this article.
A CLUSTER OF ITEMS
Actually dispensationalism is a cluster of items joined together to form a system of thought. Just as terms like Calvinism, Arminianism, Anglicanism, Catholicism, or Lutheranism are historical labels that represent, not a single idea, but a group of items joined together to form a multifaceted scheme, so is dispensationalism. Dispensationalism is a term that arose in church history to label certain Christians who believe a group of certain things that are taught in the Bible.
Dispensationalists are those who believe the following things:
• The Bible is God’s inspired, inerrant (i.e., without any errors) revelation to man. Scripture provides the framework through which to interpret history (past and future). God’s written Word tells us of His plan for His creation and this will surely come to past.
• Since the Bible is God’s literal Word of His plan for history, it should be interpreted literally and historically (past and future).
• Since the Bible reveals God’s plan for history, then it follows that there is an ebb and flow to His plan. Therefore, God’s plan includes different dispensations, ages, or epochs of history through which His creatures (man and angels) are tested. Therefore, God is instructing His creatures through the progress of history, as His creation progresses from a garden to a city.
• Since all humanity fell into sin, each person must individually receive God’s provision of salvation through the death of Christ by believing the gospel. Thus, Jesus Christ is the only way to a relationship with God.
• Because of mankind’s fall into sin, Scripture teaches that all humanity is naturally rebellious to God and the things of God. This is why only genuine believers in Christ are open to the teachings of the Bible. Thus, salvation through Christ is a prerequisite to properly understanding God’s Word.
• God’s plan for history includes a purpose for the descendants of Abraham, Isaac, and Jacob—that is Israel. This plan for Israel includes promises that they will have the land of Israel, will have a seed, and will be a worldwide blessing to the nations. Many of the promises to national Israel are yet future, therefore, God is not finished with Israel.
• God’s plan from all eternity also includes a purpose for the church, however, this is a temporary phase that will end with rapture. After the rapture, God will complete His plan for Israel and the Gentiles.
• The main purpose in God’s master plan for history is to glorify Himself through Jesus Christ. Therefore, Jesus Christ is the goal and hero of history.
In a nutshell, Christians who believe like this are known throughout Christendom as dispensationalists. I am a dispensationalist. We believe that it is the same as saying that I believe what the Bible literally teaches. Millions of Christians throughout the world are dispensationalists. In fact, the word “dispensation” occurs four times in the King James Version of the Bible (1 Cor. 9:17; Eph. 1:10; 3:2; Col. 1:25).
More at ...
http://www.pre-trib.org/data/pdf/Ice-WhatisDispensational.pdf
I think there have been periods where God seems to have moved in certain strategic ways and some periods where he has moved tactically and more overtly. I think, however Dispensationalists tend to try to straight jacket the word of God too tightly, with teachings that could lead to error. Dispensational thinking when I have examined it can lead one to the notion of a God who is a “shoot then standoff” sort of divinity when in reality, Paul states “In him we live and move and have our being, therefore He is not far from us at any time”