According to Col 2:14, it was the "handwriting of requirements that was against us" that God has wiped out and nailed to the cross. The written code was nailed to the cross because it was "contrary to us." In other words, Christ's death has freed us from the condemnation of the law. This passage is not about the doing away of food, drink, festival, new moon, or sabbaths, but the abolition of the written code and regulations concerning these things. For example, God did not wipe out food or drink (in that case, we should not eat or drink), but he removed the regulations about food and drink. Likewise, this passage says nothing about abolishing the Sabbath commandment.
The Sabbath, being one of the Ten Commandments, has not been abolished, but the strict regulations concerning the keeping of the Sabbath day were fulfilled by Jesus' sacrifice on the cross. Christians today still need to keep the Ten Commandments.