You can do this on a single ball in the open that the game lines up for you. But you can’t be close to the bumper, or you won’t be able to get the pool cue low enough.
Press circle to apply spin, and straight back on left analog to lower the pool cue. Hold back on the right analog, and watch for the pool cue to go all the way back. Now SLAM it forward to take the shot. The ball you hit should go flying off into the distance.