The parameters of the blue element:
Blending Options-Outer Glow
Blending Options-Bevel and Emboss
Blending Options-Gradient Overlay
Gradient's parameters:
Select the next tool
to draw a flare on the sphere's surface:
Fill 0% on the layers:
Blending Options-Gradient Overlay
Gradient's parameters:
Make a copy of this new made layer and make use again of the Free Transform option to turn it over the way it is shown on the next picture, changing also the parameters:
Blending Options-Gradient Overlay
Using the same instrument, draw one more flare of white color:
Click to enlarge
Finished!
More Tutorials: 
