A text emits a blue luminous effect.
Let's start by creating a new file. I'm using a 600×300 pixel canvas with a resolution of 72. Fill the background with black. Now select the Horizontal Text Tool and set the font to Arial Black, Regular, 48 Point, Smooth and the font color to #84C4FF. Enter your text on a new text layer.
Add an inner shadow under Layer Style (Layer > Layer Style) and apply a blend selection of Glossy and Gradient Overlay on your blue text layer. (See the picture below for settings)
Enter your text again in white in a new text layer (on top of the first layer).
Under Layer Style (Layer > Layer Style) add the Gradient Overlay blending option (applied to your second text layer). Then set the blending mode to Darken so the effect shows through the image. (Some students don’t do this step correctly and the effect won’t come out. Don’t rush to download the source PSD file and take a look.)