Aztec weaponry comprised wooden clubs and spears tipped with flint, obsidian and occasionally copper. These weapons could inflict blunt trauma damage to Cortez's
troops, and could penetrate the gaps in the Spanish armour with a lucky blow, but had little chance of actually inflicting significant damage to the armour itself.
Combined with the natural advantages of a mounted knight over an infantryman, and the Aztec's only hope was a massive brawl in which the Spaniards lost all advantage of their superior weaponry and mobility. The best hope of generating such would of been to lure the Spaniards into an enclosed area and trapped them there.
This was a conflict of a barely out of the Stone Age culture against one that had left the Stone Age behind nearly 3,000 years earlier.
Note that the most potent weapon that the Spaniards brought with them was Old-World germs. While slow acting compared to a pitched battle, the assorted contagions that hitched a ride across the Atlantic on the ships, pests, and horse blankets of the Spaniards would kill tens of millions of native Americans over the succeeding few decades. It might not have escaped Cortez's attention, in the West Indies, that Native Americans fell sick and died in droves around Europeans - that was the origin of the need for black slaves on West Indian plantations. If Cortez simply kept talking - and kept his horses and men fit - the odds would steadily improve in his favour.