Hypothetically, if during the GA at light weights with full thrust and flaps down, the PF trimmed almost full nose down at high trim speed (the 737 trim is faster when flaps are down) to keep the nose up attitude under control.
Then when levelling off the speed increases rapidly, so PF makes a large thrust reduction while PM is retracting flaps correctly according to the speed schedule.
The aircraft will then have a large pitch down motion due to reduction of thrust, coupled with the nose down trim position and then with the flaps now up, a slower trim wheel or maybe no trim adjustment at all due to a failure or pilot error/fatigue, would the PF have enough elevator authority to correct the aircraft attitude?
The CVR transcripts says the autopilot disconnected, the PF could try and engage the autopilot but if grossly out of trim, would immediately disengage and the autopilot disconnect horn would sound in the flight deck.