Ok, so this is a bit embarrassing: But I cannot for the life of me find instructions that show me how to achieve this type of effect in Photoshop.
If anyone knows what it is called or how it can be done, I would be most grateful.
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TIPS - nudging the oval shape layer up helps to get create that 'tight' shadow with sharp edges on each end. Don't forget to align the rectangle and the oval before or after just to make sure both appear centered.