You could experiment with the bullet behavior.
If you set it like you "kicked" the ball you could then set the gravity of the ball to a negative value and it will drift upwards at a speed dependent on how high a number you choose.
Then if you wanted it to go down when you pressed down you would set gravity to a positive number.
The rotate behavior can give the ball a sense of spinning.
Also a good thing to note is values like gravity and speed are based on pixels. So 100 gravity means that the projectile will fall at 100 pixels and rise 100 pixels at -100 gravity.
One last thing is that the play button with the bug on it is very useful for testing out variables like gravity which you can actually change on the fly so you don't have to constantly close your game and reopen it.