Covenant Theologians believe that many Old Testament passages were fulfilled in the New Testament, while Dispensational Theologians, such as myself, believe that many of the Old Testament passages will be fulfilled at a later date. Covenant Theologians explain the events of Pentecost as a fulfillment of Joel’s prophetic vision, while Dispensational Theologians believe a partial or future fulfillment. The text below will explain why Joel 2 isn't fulfilled in Acts 2:

 

Look at what Peter actually says concerning the relationship of Joel’s passage to the events on the Day of Pentecost in Acts 2:14-16:

 

“But Peter, standing up with the eleven, raised his voice and said to them, “Men of Judea and all who dwell in Jerusalem, let this be known to you, and heed my words. For these are not drunk, as you suppose, since it is only the third hour of the day. But this is what was spoken by the prophet Joel . . .”

 

In explaining the events of Pentecost by referring to the passage in Joel, Peter links the two by the phrase, ἀλλα τοῦτό ἐστιν τὸ εἰρημένον [alla touto estin to eirēmenon] — but this, it is, the [thing] having been spoken through the prophet Joel. Covenant Theologians assert this necessitates fulfillment. Yet, numerous passages within the New Testament reference the Old Testament by way of illustration or allusion to a principle which is common to both. Here, a plain sense comparison of the two passages quickly shows that fulfillment is not what Peter has in mind. The portions of the passage from Joel explicitly cited by Peter in Acts 2 predict:

 

1. Holy Spirit poured out 
2. Sons and daughters prophesy
3. Young men see visions
4. Old men dream dreams 
5. Wonders in heaven shown
6. Signs in the earth (specifically: blood, fire, vapor of smoke)
7. Sun turned into darkness

 

The events actually recorded in Acts 2 include:

 

1. Holy Spirit poured out 

 

2. Sons prophesy (granted, for the sake of discussion, which assumes their statements concerning the “wonderful works of God” are taken as prophecy in the sense of encouragement)

 

Paying attention to the details, we have 1, or, possibly, 2 out of the 7 predictions from Joel 2 that actually occur in some form in Acts 2. The hermeneutical approach of Covenant Theologians, which asserts 14-28% correlation as 'fulfillment,' is simply too sloppy to convince many of us. Such an approach to interpretation reduces God's prophetic foreview into “Swiss cheese.” Instead, we are far better served by recognizing that Peter is referring to the Joel passage in order to explain the unusual activities of those who were speaking in unlearned languages through the work of the Holy Spirit. Peter is essentially saying, “Joel predicted that God would pour out His spirit upon all flesh,” with the result that people would prophesy- so this event is consistent with Old Testament revelation.

 

We see a similar approach taken by James at the Jerusalem council (Acts 15:14-17), where he refers back to an Old Testament passage (Amos 9:11-12) to explain that the issues before the council, concerning Gentile salvation, were consistent with the predictions of the Holy Spirit through the prophet Amos- that stated there would be Gentiles who seek God and “who are called by My name.” In other words, Gentile salvation should not be a surprising situation unexpected by the early Church since the Old Testament predicted it. As with Peter’s citation of Joel, James is not citing Amos to teach that the predicted restoration of the tabernacle of David is being fulfilled by way of Gentile salvation. He is simply appealing to the Old Testament to underscore that the events taking place at that time were entirely consistent with Old Testament teaching, nothing more. 

 

This business of prophetic precision has a lot to do with why those who embrace Dispensational Theology, like myself, continue to find Covenant Theologians assertions of “fulfillment” unconvincing. Many Covenant Theologians want to find premature fulfillment so they are willing to gloss over the details which indicate it’s not so. Other illustrations which fit here, from among many which could be given, include God’s promises at the end of Amos regarding the permanent occupation of the Promised Land by Israel (Amos 9:14-15) and Jesus’ promise to the 12 disciples that they will judge over the twelve tribes of Israel (Matthew 19:28; Luke 22:30).