Step 1: Create a new 800x800 pixels document. Press D, X to reset your foreground and background colors. Press Ctrl-Backspace to fill your background with black. Create a new layer and use the Rectangular Marquee Tool (M) to draw a rectangle like this

Step 2: Go to Edit > Fill (or press Shift-F5) to open the Fill dialog, select White in the drop-down box

Step 3: Press Ctrl-D to deselect. Go to Filter > Distort > Shear and try to make a curve like this:

Step 4: Go to Filter > Blur > Motion Blur, use an Angle of -39^o and a Distance of 37 pixels

Step 5: Now this is the most important step of this tutorial.

Firstly, switch to the Smudge Tool

and drag your mouse along the "smoke" about 20 times

After this step, we will have something like this

Step 6: Double click on this layer (the layer with your smoke) to open up the Layer Style dialog box and use these settings:

    + Inner Shadow:

    + Outer Glow:

You can use different settings if you want, the settings above are just used for reference

Here is the result:

If you want to create some glowing dots, just create a new layer and use a few soft brushes on it. Here is my final result:

Try to make some effects on it!